Creepy and ironic were the two words that came to mind.
Creepy because there is an impending sense of doom the entire ad - it's not celebrating anything. Most of the people are looking across, not up, like a plane is about to crash land on top of them or dropping some sort of bomb. Perhaps it's a metaphor for the share price?
Ironic because it has absolutely nothing to do with Australia or Australians (they could have easily slapped a CX logo on the end and it wouldn't have made any difference), didn't feature any planes, staff, products or destinations and the people looked just as confused and lost as I did watching it.
The only way Qantas Intl will survive is if they can offer something their competitors cant. Lower prices and better schedules are obviously out. I think an ad tying back to the history of QF as our national airline and how Australian it is (maybe profiling the lives of a few 'ordinary' staff and passengers) would have been more effective - the fact that their staff are Australian are one of the few advantages they have over their competition.
Is this the first airline ad not to feature an aeroplane or an airport?