At best QANTAS could be a small boutique airline along the lines of Air New Zealand if it got it's house in order.
Sadly there are 2 things that make even this likely impossible. They have the wrong equipment (A380's). And they don't have an SE Asian partner.
Even with the EK tie-up, QF should have kept its Singapore hub to Europe. They could have used both EK and QF as feeder traffic from Australia to Singapore. Sadly for QF, the EK deal is one sided and not to QF's benefit. The blowout in QF Int losses proves this.
QF should probably give up on both Singapore and Hong Kong, they simply can't compete with SQ and CX frequency anymore. Maybe a tie-up with CX if they can ever get over the deep resentment on both sides.
Perhaps a last ditch attempt at a big push direct into China (daily to Beijing, Shanghai, Guangzhou) where they may be able to establish a niche for better service, reputation.