If I don't requalify for QFFF Gold, will I fall back to Bronze or Silver?

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There are several things that can happen. You might be automatically comped another year of gold, this seems to happen if you are very close to re-qualifying for gold.

Or else Qantas ask you what your travel plans for the next year are. You then write back with your plans and they may manually comp you to gold. This happened to me a few years ago.

If neither of these happen then you will likely get a 'soft landing' to silver for a year. There is no stated policy on this (as opposed to Virgin who do state in their terms), but it seems to be pretty consistently given to people who don't re-qualify to their current level.
 
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