I think an important item to note is the debt levels and cost base. Virgin are being very rational with their growth/expansion. They aren’t chasing the competition. They are doing their own thing and doing it well.
Qantas on the other hand are laden with debt and with an upcoming fleet renewal, will have some significant debt/cash outflow to come.
Virgin achieved a sweet deal on the max’s from my understanding with a fair portion of the order already paid for by the previous owners.
Just some food for thought.