Both flights are operating at near capacity are they? I'm not sure what flight your looking or operating on but it's certainly not the QF9. It's leaving Melbourne with an average of over 200 spare economy seats and business class around half full, (certainly great for staff travel)and this as we enter peak season in Europe! The only days it dips below 200 spares is on the weekend. The return out of Dubai is not much better with an average of well over 150 spare seats. Loads ex-Singapore are running at way less then 50% into all Australian cities, so trust me when I tell you it's not only the London base crew that are worried!
Emirates tie-up fails to boost Qantas performance - Travel & Hospitality - ArabianBusiness.com