Back when JQ was first commenced I thought, like many it was a horrible idea. I have always maintained that it diluted the Qantas presence and would eventually lead to misery
My far better option at the time was this. Operate the second part of the economy cabin not as Qantas but as a low cost section. Call it Qantas light if you wish.
Reduced seat pitch, no IFE, no free baggage, restricted carry on, no seat selection, no access to Qantas Club, no international connections, no free meals/drinks, no pillows/vlankets no QF FF points. Call it "second class" not economy so that business travelers (under most work agreements) would be unable to book it.
This would have dramatically increased route frequencies, avoided route closures and maintained the Qantas presence and loyalty.
Allegedly they looked at my proposal but the whole JQ justification was the unions. Now that JQ costs have risen it has become almost self destructive and pointless.
If EK are not involved in buying JQ rest assured there are one or two Chinese airlines that would be next in line.