If Qantas were let fail the minimum outcome would be Jetstar sold off as a profit making concern, Qlink sold off as its probably the most profitable outfit in the country at the moment, QF international bought by the taxpayer and QF domestic fed to the wolves. That's my prediction.
SN
Why? I think it's well established that J* can't make a profit without help from big brother and I can't see a conservative government buying a loss making venture in International. Qf Dom (up until the recent capacity war) was by far the most successful part of the group, and it would be the thing I would definitely want to keep?