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QF F and J lounges open at 2:30pm from memory, so you won't get much time before a 3:35pm departure to Penang.
Edit: According to AusBT article from 2018, Emirates opening hours are 6:40am-10:25am, 12:35pm-3:35pm - so earliest you can arrive is 3 hours prior unless you want to wander around the airport for 2 hours after the morning departure.
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