Sorry Deano but your argument is flawed and simplistic
Back in the 70s and 80s QF did not have the protection of the 2 airline agreement and competed with international carriers well and had around 50% of the market
Back in the 70's and 80's there was also no internet, no social media, the tourism industry was a mere pup compared to what it is today and the average standard of living when comparing most metrics was inferior.
Economy's of the time were more centrally controlled Which led to the rise of incredibly wasteful policy making. It also meant there was very little choice, very little in the way of travel for ordinary people and perhaps worst of all a great lack of opportunity in comparison to today.
If QF international were returned to government ownership (in the national interest) profits could be rolled into
Fleet renewal
New routes
Returning maintenance to Australia
If QF international under government ownership went down this path, the net return to the government (assuming profits were rolled back into the airline) would still be positive
Extra income tax from re-created jobs in maintenance, extra flight crews, ground staff and admin
Less welfare paid for those who take up these positions
Wrong for half a hundred different reasons, put simply if QF was re-nationalised there would be no incentive to make a profit, the Govt of NZ when it bailed out Air NZ did so as a majority shareholder with the key difference to what you are suggesting being it compelled Air NZ to operate on a profitable commercial basis to return the sum invested in it..e.g like any other investor.
Making the assumption that profits would return to the airline also shows a considerable amount of naivety, politics would invariably get in the way of good business, and as the political winds ebb and flow so does the prevailing will of a government that might decide that it's better to invest any profit in a new school in Karatha or a computer system for ministerial expenses etc etc.
Quite simply Govt has shown it can't be trusted nor can it be genuinely held to account when it comes to running organisations for profit..except of course at the ballot box, where in all likelihood the running of the airline might be viewed as small potatos compared to other issues of the day....and you are essentially now back where you started with no money for anything, sound familiar?