The most obvious seems to be a downsizing of Qantas to such a degree and rebranding of Jetstar to Qantas at a later stage with a lower cost base to compete.
The problem with this, is Jetstar can't be Qantas, even if they are rebranded as Qantas.
They can only be an imitation of Qantas.
Case example is Jetconnect. I've read passenger comments that although it's branded as Qantas, it doesnt "feel" like Qantas.
If it doesn't "feel" like Qantas, passengers may choose to fly with the competition.
MC