Geez Jim I dunno. Apart from the economies of scale QF get, just about everything else works against them in comparison to V Oz. The ER saves about 28 tonnes one way across the Pacific compared to a -400, let alone a 380. The staff are payed peanuts in comparison, the business is not modeled on high priced premium cabins, they are so lean in management that if you sacked a manager there'd be none left and they only have to support 3 aeroplanes at the moment. Not only that they are new, the staff smile and the aircraft has a great interior and entertainment system.
No doubt QF's pockets are deeper and V Aus will also be hurting but the Q just lost around $400mill in two months.