If the proposed bill is introduced, it is far too vague for taste.
Yes, legislation is a lot like that, but as long as the "rules" can not be satisfied according to any given government, that's the hallmarks of a ridiculous piece of legislation. Either the legislation will have little effect or it will have categorically devastating ones, with the usual lag in effect probably expected due to the inevitable legal challenges that may result. Environmental law in Australia is a joke for this kind of reason (although to a lesser extent to what this potential new bill could be).
Also, if this bill were passed then it should be enforced for all airlines primarily operating in Australia - Virgin Australia, Tiger Australia, Air Australia and others.
In a way, I also see how the bill will actually and accurately "stop" what QF is intending anyway. If they have an international off-shoot airline based in another country, that airline is based in that country and is a company there. It is still part of the group, so be it, so how is that accounted for and to what degree can Australian law regulate that? One way to disconnect it even more is to forgo the addition of off-shore "subsidiaries" from Qantas group and instead have them as autonomous businesses (admittedly seeded with capital from the Qantas group) and then have "alliance agreements" - you would only need to make sure they are not too "friendly" to avoid competition and collusion legislation. And it wouldn't be awfully different to how business is done now anyway.
In what way will Australian legislation accurately account for the percentage of heavy maintenance done in Australia? And if that means we need to set up an A380 hangar here, it would be awfully nice if there were some external support for that, because so far the government seems to think that it's as easy as setting up another big shed, drafting over a few odd people (who we supposedly trust invariably as they are Australian and not some foreign worker) at basically almost nil cost compared to current operations, when it is a far more complicated procedure than that: upskilling, licenses to work on those aircraft, supply of parts....