Let's return to the days of two airlines flying the same aircraft type for the same fare at the same times on Australian domestic routes while we're at it.
BNE - SYD $350 one way, no thanks.
If QANTAS had it's act together it could market itself on quality and safety, charge more than the competition and still be profitable. Sadly it's been run into the ground and its reputation and brand trashed.
Tell me why I should get on a geriatric B747 with a known engine problem (Rolls Royce) and accept a product well below the standard of the competition at a higher price ?
In a free market customers turn away from inferior products and services, those supplying said products and services either lift their game or go under.
Hyundai are an excellent example of this, twenty years ago their cars were a joke, unreliable and poor quality. Now they are beating Toyota and top European brands.