These flights only started a couple of days ago and it doesn’t matter to Alliance what sort of Load Factor they have. These are QF flights operated by Alliance using QF flight numbers and call signs under contract. It doesn’t matter if the pax load is ZERO, Alliance still get paid!
How sustainable is that kind of arrangement in the longer term? Just about every regional in the USA imploded under that model ultimately because they couldn't crew flights because they didn't pay enough. These weren't small operators either, some of them were bigger than Australian domestic carriers.