I'm afraid people are still missing the point. If Qantas is broken up or reorganised, jetstar incorporated or whatever it doesn't matter. Cost bases don't matter either. What matters is whether the entity that has a 60% market share of the domestic market is privately owned or not.
Public companies are saddled with rules about governance and behaviour, private companies are not. Public companies have to report profits and be transparent about their financial performance. Private companies do not.
The potential value of the entity currently called Qantas to a private owner is immense. Lets start with that huge pool of cash (working capital), then lets look at the unfettered access to world financial markets provided by membership of IATA and the Montreal clearing house, those little items will make merchant bankers salivate.
Then we look at the potential for the owner of the entity called Qantas to leverage the performance of other investments by the provision of scheduled air services. You want to build a resort where? Sorry sunshine, if we don't fly to it, how do you expect to get customers? How about a chunk of Hamilton Island? What happens to Japanese tourists wanting to visit Noosa? How does Cairns fair if the schedules are changed? There is endless temptation to either help or hinder developments in all states by "adjustment" to service levels. They could even make or break State governments.
To put that another way, the entire Qantas debacle is about power. The power to blackmail entire Australian states as well as rape the travelling public.