Qantas can have up to 49% foreign ownership. So why don't they? Emirates (or any other investor) has every right to buy the same share as what Etihad has in VA, but no one has.
Changing the sale act won't change the fact the QF is currently run by a have wit and his side kicks and no one wants to invest in the company.
P.s. Every time I read "Alan" I think of Alan from the Hangover and can't help but laugh at the resemblance between the two in their mental capacity.