The reality of whether or not the investment in Asia has costed Qantas is moot. The premise of the Pan-Asian Strategy was/is fundamentally the right path. Execution has left it down, however.
Jetstar Asia has failed to make profits (albeit has reported profits in 2011 and 2012) which in the public domain has been credited to wet leasing arrangements and some creative accounting. Tiger's last quarter performance of a loss of SGD$18m has dire implications for Jetstar Asia which operates at a substantially higher cost base but commands the same yields as its lower cost competitors. The shift in focus to a feeder airline only further increases its cost base but alienates it from the point to point market it was designed for. And is tantamount to a resignation that it cannot compete with the likes of Air Asia and Tiger Air.
Jetstar Japan burned through it's original capitalization (circa US$120m) within 12 months and went back to the shareholders to raise another ~$120m. Whilst it is reported here that they have 17 aircraft it is widely understood that 5 are parked and likely to be sub-leased. The business case was wildly aggressive in its ramp up which has contributed to numerous commercial, operational and regulatory issues.
Jetstar Hong Kong; more than likely parked. This demonstrates a lack of understanding of the Hong Kong regulatory environment, local culture and the tenacity of Cathay as a competitor. Aircraft parked as noted in other posts at cost.
These brief examples, in my opinion, sum up the issues of both QF and Jetstar. There is a distinct lack of ability and willingness to adapt to local conditions as they pursue growth markets further away from the comfort of an Australian base. More often than not imposing a higher cost base than necessary. Furthermore, in my opinion, it highlights a level of arrogance assuming that the power of the Group and the Brand is greater than it actually is in these markets (Red Q?).
Regardless of what transpires with the Qantas Sales Act or espoused Government Intervention neither will resolve the systemic issues within the Group. At the end of the day, if your competitors are operating comparable/better products at a lower cost base you are always going to loose. It's just good money after bad.
There are definitely decisions that management need to held to account for and the degradation of shareholder value is alarming. Without drastic and dynamic change across the board the future of both Qantas and Jetstar is challenged and the losses will continue to mount. The big question is how do you and who can fix it?