Not surprising after privatization first on the corporate list give the CEO buckets of cash then close down most of your routes, try and sell the Airline, don't buy any new aircraft and when you do, buy the biggest and keep your face on news bulletin's, set up another airline to compete with, give your remaining routes away to your competitor it's easier for them to do the hard work.
Restructure, restructure, restructure the Australian corporate answer to everything. When Australia took on the American theory of only concentrating on your core business and getting smaller and more efficient the writing was on the wall for all Australian companies.
The only thing left for QANTAS is to sell all the aircraft and become a ticketing company, sadly this is the future for all Australian companies with university educated management following failed American doctrines.