On the East Coast Qantas Link and Virgin have any decent 50-70 routes sewn up. Rex has a virtual monopoly on the 30 seat market, they have made a lot of money since 2002, but not sure what they are going to do about fleet replacement as their fleet is gets long in the tooth.
in the West it would appear there is a lot of competition.
I may be being a little negative but it doesn't look like there is a lot of opportunity there to me, or maybe that's why I am not an entrepreneur!