Except... if all you're competing on is price, then the overwhelming advantage shifts to Jet*. So QF still has that covered.Well… the overwhelming advantage of VA is the price! That’s all you need to keep most people flying with them.
$349 business class one way between the major cities is hard to beat. QF is a little over $500.
Flex fares on the same route $209.
If you don’t want to pay more people will stay with VA. If they are paying more… last minute fares which are close to QF’s… retain their status anyway.
There are exceptions, maybe some smaller towns where VA is the only option.
While many customers were actually after value rather than price i.e. perks and bennies from status, if that carrot has been removed then you're just looking at the best price either bare bones or for bundle. And that moves the equation away from VA in many cases. VA will have to reduce their price to stay competitive - which was not the intent of these changes.
e.g. I was looking at a SYD-BNE flight a couple of days out. VA want $170-$300 just for Choice, whereas JQ were under$100 for the same times. (Knock $20 off for a Lite fare comparison.)