Yep, it is that simple.
I've proved i time and again. You do NOT lose business by putting prices up 10%.
I dont think it's the solution for QF, or relevant to the argument that gross/criminal incompetence throughout management levels at QF have destroyed the place over 10+ years, but having a good product is most certainly not affected by a 10% price hike.
Jetstar is another matter entirely. But even there you have masters of the $1 fare SYD-DPS (+ $20 muffin, $30 management incompetence levy and $125 oxygen fee).
Make no mistake, unless this bunch of lunatics partying with our cherished airline are removed immediately no price hike will make any difference at all, but once the place is operated properly that is exactly the type of strategy that should be used - and even trumpeted from the rooftops....