"Fact is, you may not like to hear it but someone who is willing to drop 10k on a flight to London in Business is more important to a full-service carrier than economy pax who would have flown with Air Asia if only that were an option. I'm not suggesting those who are not wealthy enough to fly business are less equal as people, but Qantas is a business"
And when that is an option!
Great plan Qantas and exactly why I search all airlines now - long are the days that I would pay the extra premium to fly with them.
My last flights with them were Brisbane to Sydney and then on to Darwin with my wife in Business class around 3 years ago, since then I can say in flight service from Perth to Brisbane with Virgin was certainly not worse. There was a slight advantage to Qantas in the lounge department at most places but not all.
No need to cancel the flight - divert for fuel, after all in your percentages - it is a very rare occurrence and that the extra cost could be factored in over a year. That gets everyone to destination but maybe a few hours late - not up to a few days.
P.S the next flight from Perth to Singapore is often the next day for many.