you can bet if AA operated in our environment they'd charge high prices too.
I keep finding these comparisons on price and service to be almost meaningless in different markets with different levels of competition, cost structures, employee groups, scale of operation and all the rest. You simply can't say "SYD-MEL is about the same as NYC-WAS" and then go from there (as example). There are so many factors involved that are dissimilar that t's a mostly worthless comparision imo.
I will say the one thing the US majors have managed well, that I seriously think Oz could definitely have and would possibly work out better for the airlines in the long run (and I had thought the introduction of Rex J into the mix may prompt this..) is the adoption of the cheaper premium cabin fares. What had been the "YUPP or KUPP type fares in the US" (pay Y, book into P) that could be inventory controlled but provide real price competition and incentive for pax to actually want to pay up if it's at a reasonable level and then the airline's not giving the J cabin to upgrades and staff in the main. Sure, have your full J for the FIFO's, companies with the travel budgets for it and so on, but those are not as they once were.
QF seems to use the odd dom J sales to grab these folks, but you can't rely on it as common. Current J sale fares sit at, for example, $399 MEL-ADL and $449 MEL-SYD one way. Thos eare actually less than the flex Y price. In this case, it's enticing to buy up to J for some (I know Rex has lower J fares overall, but let's leave that comparision to the side. QF clearly price factor in based on the strength of their network reach, FF program, partners etc to have a real premium over the competition, while Rex - and VA to an extent - need to price lower to get bums on seats because they - specially rex - simply can't compete on big items like network, partners and the FF loyalty). Anyway what if they priced in the I inventory for example fares at similar levels to the sale fares, put whatever AP conditions and capacity controls you like, but say sure, for half of the usual J price you can go sit there. If they like, do a QR and limit the perks - eg SC earn, FF point earn, whatever). those things may actually give incentive to more actually stumping up to pay for the bigger seat and slightly better microwave meals...
but anyway my main point is comparing AA and QF in this regard is, in my view, of limited usefulness. YMMV