Rated De, I agree with the thrust of your posts, however...
That Qantas purchased it as the build up wound off is indicative of their intent: Another 'rainy day purchase'
If as quoted above QF purchased Network in 2011 (I cannot remember the year) then their timing was definitely ahead of the major boom years. Not behind them. The "boom" years were 2010 to 2015 were they not?