If the Qantas Board really believed that a Low cost carrier was needed, they should have invested in the floating of a seperate public company - with its own Board and investors, that was totally at arms length.
I still don't see the need for duplicated structure (in QANTAS's case not just a duplicate but many many times that) - was it Air New Zealand which said we already have a low cost carrier ?- "its called economy.... "
...unfortunately it wouldn't have solved their legacy problem which i believe is mainly centred around engineering practices, which is ironic because the engineering practices have given it in no small part its safety record.
but lets not forget its (mis) managements pathological hatred of its staff which has gotten QF to the basket case it is today - oh and a complete inability to run an airline!