Fact is they have too much capacity and insufficient demand. They expanded before the GFC when things were effectively a boom time (DJ, QF and JQ all sucked in) and now they are wondering why they have to see MEL-AKL for $99.
Now they are crying poor with higher fuel costs, reduced demand. They still have the excess fleet/capacity costing them huge losses.
Bring back partial regulation of the industry.... you may laugh