PER airport might think Qantas is bluffing, but PER will either come to the party (or mostly to the party) or Qantas will take its toys elsewhere.
Most big airports in AUS/NZ are making an absolute killing compared to pretty much every large airport anywhere else in the world and other listed companies in Australia. Maybe they should be putting some of those profits into long term investments like this, rather than having the airlines and the punters shoulder the load for everything?