I have been thinking (brooding) about this. Basically Qantas used to be our national carrier and it was a nicer, gentler time where if they stuffed you up, they apologised and did something to make up for it.
Now it is a listed company with a very expensive CEO and a duty to its shareholders to maximise profit. It can't treat passengers too badly, or they will jump ship, although the FF program pretty much keeps people locked in even when they aren't all that happy. Compensating people for all the things that go wrong is too expensive. Running a help line that gets answered quickly for all is too expensive. FF programs need to be watered down, now that the industry has recovered from the GFC, so that profit is maintained. Training of staff seems to be a bit haphazard in the fringe things (lounge access etc), although I am sure it is good in safety areas. Training is expensive. I suspect that people who actually pay for First are not going anywhere near filling the cabins, so money needs to be shaved off meals etc, which is why the menu is pretty close to a J menu. You see where I am going.
I actually think our expectations are too high and Qantas is never going to meet them, because they will put profit maintenance before customer satisfaction. If consumer affairs steps in and creates a compulsory compensation scheme for downgrades and offloads that will be different but it won't ever come from Qantas.
It is not a bad airline, but too many things go wrong (Mermaid Jinx at work). In a few years time I might have a better feel for where it sits with other airlines. My gut feel is better than a lot, but not as good as some.