One of Emirates' real cost advantages arises from the very low average wage of it's Dubai based employees in the airline and in it's airport business DNATA. Because the average wage of the baggage loaders, refuellers, ground staff and office workers is probably close to A$1 000 a month the wage bill for the bulk of the company is quite low. So while workers from poor countries are paid a pittance, Emirates can enter a market like Australia and produce less profit than the resident companies while establishing Australia as a proxy domestic market. Singapore has much the same setup.
As discussed before their close relationship with the regulator, the GCAA, also allows some very flexible FTLs that assist with profitability. These practices allow them to be very competitive in comparison to airlines that must work with independent authorities. It also impacts on safety because of fatigue. I believe that they currently have a pattern that has the crew working for eight days consecutively from DXB to AKL and that the JAR compliant FTL scheme is filled with waivers that benefit the company over the crew.