Just as the US was contemplating re-regulation Australian crossed the Rubicon and plunged head long into an open market.
Not in the true sense of a open market. One of the big issues in Australia has always been access to airports. Compass had problems with it, so did Virgin in the beginning. Add to that there are no secondary airports like in Europe or the USA. Sure anyone could come and fly here but you couldn't park an aeroplane anywhere. If you had 2 airports in every city in Australia aviation would be a very different business.