DR, i think the yields are a huge issue with Qantas. They are still seeing a large amount of the "free" tickets from last years grounding come through the system. Also many flights are code-shared with Jetstar, so the yield isn't as strong as you might think. Add in the mining contracts are a lot tighter than they used to be and you start seeing the big picture. Joyce seems to be obsessed with capacity, on the other hand JB seems to value yield....only one of these puts money in the bank.
With Emirates flooding the market even more, yields will further decline for Qantas, it needs some real leadership to turn it around, which unfortunately it is lacking at the moment.