I
The Asian and ME carriers have taken on the role that a number of Europe based carriers used to - KLM, Lufthansa, Alitalia, Virgin Atlantic, Austrian/Lauda, Air France, and the defunct Olympic Airways all used to make regular journeys down under.
Exactly. Gee I forgot about OA.. those were the days!
Very much the old way of thinking that a flag carrier must serve as much as possible which often lead to loss making routes (which is why QF pulled out of FRA, CDG, FCO etc).
The lower cost carriers in ideal hub locations for huge volumes of connecting traffic (like SIN, HKG, DXB, AUH etc) meant that your traditional flags simply could not compete on price, and product.
.. and thus, your airline alliances (both global and between indifivul carriers) was born. Sure QF can't get you everywhere, but QF plus a partner or more can get you just about anywhere... or as the OP would know, TG with Star Alliance partners can get you all over the place.
JV's and revenue sharing also make sense for the airlines and alliances funnel pax and thus revenue to their advantage. QF would much much prefer you go BNE-DXB-FCO on EK then lose you to BNE-SIN-FCO on SQ.
Now the next big thing I think will be the rise of your long haul LCC's using aircraft like 787's to do low cost long haul point to point operations that bypass hub and spoke systems totally.. Current examples are AirAsiaX, Lion Air (Indonesia) and of course the rapid rise of Norwegian in the european/US airspace, but likely to expand further rapidly.
When you can get a medium size long haul aircraft like the 789 or possibly a 777-X to open up smaller routes directly then it all changes. The whole reason your AF/LH/AZ/OA's etc quit Australia was their big 747's, DC10/M11 equipment couldn't sustain profitable operations on these routes specially when they had to stop in Asia anyway and had to thus compete with those local hub carriers for traffic. However bring in aircraft that can fly nonstop and more cheaply and then who knows?
The legacy alliances like QF/EK, Star/Oneworld/Skyteam have to compete in this new frontier too.