I think it's quite obvious now that Qantas's focus is not Europe. It is Asia, Qantas will be feeding more aircraft into Asian ports and connecting with the Jetstar franchises all over the region in the years upcoming. Europe has been relegated to 2 flights a day. There is not further growth slated for Europe in traffic growth in the next 50 years, its mature.
Singapore and Hong Kong are the hubs for feeding onto Jetstar Asia out of Singapore and perhaps a new big player in Hong Kong, as well as Jetstar Hong Kong. Jetstar Japan. Jetstar Pacific. etc
Capital light, but able to treat it as their own airline. That's the big plan overall, in my opinion. Just wait for the J class seats up the front to appear and satisfy that segment of the market once all the franchises have matured in size and operation.