is a takeover possible, page-47

You are right, Qantas makes money due to barriers of entry, duopoly, customer loyalty, government support. Shareholders get peanuts. This is possible in a high volume low interest rate environment, cheap jet fuels.
You are also wrong. Low airfares are unsustainable (long term 5 to 20 year cycle) due to the bottoming out of the interest rate cycle, fallout in oil investment (future long term price increases back to $100barrel), oversupplied airlines market, high capex aircraft replacement on high volume business model.

Airfare prices must rise long term. Thus, average wage, business/government travel spending must rise long term.

I can't see a wages boom anytime soon.