Spot-on ohallen!
The dodgey accounting smoke and mirrors hides the true labour costs but one Union estimates it to be approx 20%.
The smoke and mirrors started back with Jimmy Bow-tie when Sunnies and Eastern EBA's where coming up... hide what profits each were making and how efficient the ops were. it all got bundled into "Subsidiaries" which included catering, Airlink etc.
The cost of failed ventures and poor management (& their bonuses) far outweigh all the rest. True that in some QF segments work practices need to be adjusted and the Rep union/s may have been OTT, but you must engage in the workforce or loose it.
Millions squandered in "feasibility studies"; initial set-ups; court-cases (Jetstar Pacific) & failed ventures they tried to go ahead with, without the required local approvals... yes RED Q, Jetstar HKG, Jestar Japan... come to think of it,
how many A320's do they have parked now, in France, Japan and HKG? NOT CHEAP!