An example:
Cathay Pacific and Cathay Dragon combined ~181
Qantas Group (includes QLink, Network, Qantas INT/DOM, Jetstar Group) ~367
367/2 = 183 or 50%
My comments were not fully evaluated, yet on this Group for Group comparison - it is 50%.
It is important to consider Group deployed capital. Investment made in one brand over another does not reflect a lack of investment in fleet. It reflects an investment in a particular brand. Has Qantas not adequately invested in QF INT and DOM - no it has not. Has it invested in the Group fleet (new, or renewal) - yes it has.
Etihad and Emirates are not fair comparisons. The ME3 are very different beasts on so many levels. Everyone knows this.