Great if the AFR has got this right (apologies if this has been posted before):

'A Qantas spokeswoman says many aspects of the partnership, including status credit earned on Emirates-marketed flights for Qantas frequent flyers, will continue to be developed.

“Qantas frequent flyers will still earn status credits on Qantas-marketed flights operated by Emirates, and that recognition of tier status is a core part of the partnership as a principle is to treat each other’s customers as our own,” she says.

Qantas Club members flying with Emirates will have access to the Emirates lounge in Dubai but only Skyward gold members from Emirates will be eligible to use the domestic Qantas Club lounges here.

Qantas says the Emirates and Qantas frequent flyer programs will be aligned, so that Qantas bronze matches Skywards blue; Qantas silver to Skywards silver, and Qantas gold to Skywards gold.

Emirates president Tim Clark has said the airline would introduce a fourth tier which would align with Qantas platinum.'

http://afr.com/p/personal_finance/sm...4FqIiwLxDF3RII