I doubt that many want to see VA fall over completely, including Qantas, who want a weak but still viable competitor in the duopoly market.
The elephant in the room that no one has really talked about is that VA has allowed their cost base to blow out at a pace beyond their revenue. In what looks like an attempt to avoid any labour disputes while trying to secure the corporate accounts they need, VA has 'sold the farm' on costs and allowed them to balloon far too close to Qantas's costs, when they are simply unable to charge anything like what Qantas can charge their corporate clients. I don't think VA will be back in the back until they address this fundamental issue and it may require some industrial discomfort to achieve.