When it comes to fuel hedging Qantas has always been very smart. They use call options so when the price crashes as it has done all they lose is the premium they paid for the call option, they are under no obligation to buy the fuel at that price if they don't want to and they can buy then at the spot price for far less.
There's few airlines that don't hedge. In this competitive climate, any savings from hedging will go towards lower fares and little will be added to any profit. With the recent volatility in the market, there won't be much gain unless there is some very active trading for profit but the risk becomes higher as well.