Qantas doesn't have "a strong franchise" with its customers. It has a strong franchise on the minds of politicians.
Remember the Australian car industry in the 1970's - where all you could by was a Ford or a Holden because everything else that was any good was ridiculously expensive?
I want open skies. That is the only way you will get rid of Joyce and co. The airline is profitable because we are stuck at the arse end of the world and nobody elses seems interested in taking Qantas on except Branson.
To put that another way, the reason Qantas is more profitable than other airlines is because it has us by the short and curlies, not because it offers a superior product.