I imagine that the eventual structure will decouple the domestic division from the QSA and leave international 51% Australian as required by most if not all international bilateral agreements.
All of this is by way of undoing the original merger of TN and QF. Remember way back then the govt wanted a float with a 25% trade sale. There were no takers for QF, but three expressions of interest for TN. The solution was to marry the two.
BA eventually had 25%, many mums and dads the rest, much like Telstra back then.
Qantas has had many barbarians inside the gates since then, and now we will witness another attempt to re-invent the wheel. International airlines need their domestic divisions. Any attempt by this wrecking crew to sell off domestic unfettered will scuttle the international division. (Sorry for the mixed metaphor)