How does the tie up affect British Airways ? Previously a passenger could book LHR - BNE on BA/QF. Now with BA only going to SYD via SIN and QF only flying to SYD/MEL via DXB you may as well go straight to EK/SQ/CX and book directly with them all the way if you want to go another capital city.
Also if a passenger wants LHR - PER why bother booking through the QF website if the travel search engine he uses says Emirates are the cheapest. The two airlines aren't pooling revenue so QF would only earn on code share bookings made via their website and would get nothing if a passenger booked directly via the EK website.