Same problem as before, located at the end of the line with no connecting market. Want to fly Perth - Delhi ? go SQ with full service economy or business class all the way. Going somewhere in China or Northern Asia ? Fly CX via Hong Kong
Without a hub, QF can only make money flying between some major cities. Hub operators such as EK, SQ and CX can make money from major to major, major to minor and minor to minor cities.
SQ can make money from passengers flying Adelaide to Phuket by combining them with passengers going onto and originating from other places, without an en-route transfer point, QF can't.