Well no, as Vorsicht says the theory is 65% is the profit max point and a company will do extremely well if it can defend this (small price wars notwithstanding)
The problem is that in order to succeed long-term you need to have a cost base that is equal or better than (as it should be when you are bigger) your competitor.
Unless QFdom fixes its cost base it will shrink to oblivion, just like QFint
The writing was on the wall for QFint when Australia first started implementing open skies and giving away capacity predominately to foreign carriers with lower cost bases.
The writing was on the wall for QFdom when Compass first started, then Compass2, then Impulse, then Virgin, then Jetstar (rebadged Impulse) with substantially lower cost bases
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For those who question management on this one - what market share should Qantas drop to? Remember that dropping share does not necessarily mean profitability, Virgin could well continue to add capacity - supported by further shareholder injections until it gets to 65%