QF have offered status challenges for some time to those with status in other programs. When I approached them about this a few years ago, I was QF Bronze, but VA Platinum and SQ Gold. I had held VA/SQ status for a few years, and was able to show a sustained track record of a lot of spend with those airlines. QF still only offered me a status challenge, when at that time they could have reasonably assumed that they would have had a bit of work to do to lure me away from VA/SQ.
Incidentally, when discussing this with QF, they also commented that they view VA Platinum as equivalent to QF Gold, but they were willing to offer me a Platinum challenge on account of my SQ status.
The way I see it, QF now will have much less of an incentive to offer anything to VA frequent flyers. They may or may not have a viable competitor in Australia after this plays out, but even if they do, it's quite possible that even the new competitor won't recognise VA status.