A reciprocal lounge access agreement does not imply that there will necessarily be acceess by Qantas members to the 1st class lounge nor access by Emirates members to the Qantas 1st class lounges

The agreement could well be that each others members can access the business lounges

Until there is information published by EK & QF, anything is just speculation

Hopefully imo, they will keep the 1st lounge for 1st class only