Oneworld is still the best fit for QANTAS the other 2 alliances are closely tied to Virgin Australia

Besides QANTAS has a healthy relationship with almost all Oneworld airlines but Cathay(Qatar can be added along with cathay once they join)

If AA-US merge and TAM joins oneworld, Oneworld basically will have dominance over the net American market

QANTAS staying in Oneworld just makes sense

The only airlines that gives benefit to oneworld and gains very little is Cathay- no idea why they are even in an alliance.