Once again, Qantas is shrinking, while they expand a code share, an agreement where management gets revenue, but hurts the employees and you OK with that? Seriously?
Qantas has one destination in Europe, London. They used to go to Amsterdam, Frankfurt, Rome, and Manchester. Now, Emirates does that. How is that good?
Yes, because I'm sure "TOTAL WORLD DOMINATION" is written somewhere in Qantas' charter; they should never have to cut unprofitable routes or recalibrate their business due to the changing dynamics of the marketplace. Why don't we look at some European destinations that are either no longer served or their service was reduced/terminated at some point by the US3 in comparison. The list is not comprehensive by any means but I'm highlighting a few here:
AA - BRU (reinstated), HEL (codeshare), GLA (reinstated), BOS-LHR (reinstated), BUD, EDI (reinstated)
DL - JFK-ZRH (reinstated), IST (reinstated), MIA-LHR (operated by Virgin Atlantic), JFK-BUD
UA - EWR-OSL (to be suspended), EWR-ARN (to be suspended), EWR-STR, EWR-IST, IAH-CDG, DEN-LHR, EWR-ATH.
So given all this, what is stopping QF from going back into Europe at some point in the future? They terminated their agreement with BA after 18 years and what's stopping them from doing so if it doesn't work out with EK? Additionally, you're neglecting to consider the economic instability within Europe currently, why would a company expose themselves to greater risk during a period of reorganization? By entering into codeshare w/ EK in addition to their OneWorld partnerships, they've delegated the risk onto others which is a strategically smart on QF's part, especially if conditions worsen within Europe - who stands to loose more QF or EK in this case?
Also, while QF might be delegating their European flying onto their partners, they're looking to expand further into NA by launching SYD-SFO in Dec. 15. and AA launching LAX-SYD. Where QF sees growth and opportunity is exactly where it should be looking to operate especially if they're looking to improve their margins. The resilience of the US economy gives them exactly such an environment to operate in, Europe is a toss up at this point.
http://finance.yahoo.com/news/american-airlines-qantas-airways-add-190000737.html
And FYI, in 2014 Alan Joyce citied Virgin Australia's competitive cost structure and QF's massive debt levels as their biggest issue. Their partnership with EK had nothing to do with it much like JV with AA.
http://www.smh.com.au/business/aviation/qantas-pushes-ahead-with-job-cuts-20140508-37x2r.html