Bilaterals would need to be negotiated, yes that is the point. A challenge from any overseas country regarding ownership and control would kill this as we have seen in Hong Kong. The US would challenge this in a heartbeat.
Last week the court in Hong Kong was told Jetstar HK was controlled by the Melbourne office, playing into the hands of the Hong Kong Airlines challenging the setup of Jetstar HK.
The Trans Tasman Mutual Recognition Act is a different matter and as usual not well thought out. The first service operated with NZ crew domestically in Australia would be challenged at Fair Work Australia and probably the reason why Jetconnect have not tried to do it before now. Wait 12 months and we will be all saying hang on the Kiwis are more expensive!