Ok,here's a "pie in the sky" theory that a friend suggested to me over a bottle of red last night.
QF does deal with BA to "hive off" Qantas long haul (For long haul read international) and runs it in a 50/50 partnership with BA taking the Europe-Australia routes and Qantas taking Aus-Pacific.with a third partner (MH?) handling the short Asia services like BKK,SIN etc.
Jetstar handles all Qantas domestic routes ,both in Australia and New Zealand.
Obviously there would be issues like what happens to Qantas lounges etc .
Personally I don't think it would get off the ground and my mate had drunk one too many,but is it that ridiculous really.
(Not saying I like the idea BTW !)