I think the main problem for QF would be that they won't be able to sell 1 year Qantas Club memberships anymore. Individual membership including joining fee is $855.. You can buy 19x$45 single entry passes for the same money. Really. If you fly frequent enough to use the club for 20 times or more, you're already close to gold and won't need QC, if you fly less then you just get a one off pass...