Delayed luggage compensation

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We lodged the lost luggage claim at the airport but now what?

When you filed the report you should have gotten "file reference number" (PIR). That should have come from Qantas or Emirates. You can pop this into their respective tracking websites and check the status online (https://qantas.com/delayedbaggage or https://www.emirates.com/mu/english/before-you-fly/baggage/delayed-damaged-baggage/) If you are lucky, you can see where it was last seen (each bags is being scanned as it's loaded an onloaded). That will give a hint whether Emirates or Qantas lost it.

Are we entitled to some compensation? Is it a flat fee? Or some amount per day? Or reimburse of the actual purchases we'd have to make (clothing, etc)?

Pretty much all of the above but it's difficult to find out what exactly you are entitled to. Terms and conditions are intentionally vague, are different between the two airlines, and also vary between different countries (due to local requirements and laws) .

The Emirates website just states

Emirates offers Interim Relief (IR) compensation to all customers who have travelled to and from the US who have reported a missing piece of baggage. IR is also offered to passengers who have travelled on other routes when no baggage is received (excluding residents).

This can be used to purchase essential items such as toothbrushes, toothpaste, soap, shampoo and sleepwear. To claim IR compensation, please visit your nearest Emirates office with your passport and a receipt of your purchased ticket.

All of this isn't really helpful

Many flights these days are covered by the Montreal and Warsaw convention which supersedes the airlines own rules. Check out: https://www.forbes.com/advisor/credit-cards/travel-rewards/montreal-convention-luggage/

Your best shot is to call up and ask. Be insistent and mention the Warsaw convention. If you buy something due to the delay, keep the receipt(s). Also make sure that you insist on clarifying which airline is responsible. For example: If your bags didn't get loaded in Dubai it's Emirates fault.

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