almostthere!
The logic is right its all about relativity.
on HKG-LHR QF aircraft sit on the ground, BA, CX, VS don't
on SYD/MEL-USA, yes QF aircraft sit on the ground unproductively, but so do VA, UA, DL (albeit the latter two at the Aussie end)
All I can say is think goodness Hawaii isn't independent with lots of oil wealth to invest in other assets.