This is where I get defensive of Qantas, in that terms such as "ridiculous profits" do not make sense to me. QF bled for many years. Now, and only recently, they are in the "black", a great part of this due to the FF program. To say they make "rididiculous profits" ignores the totality of their airline. .
Agree with you, yes they don't make ridiculous profits, not at all. Apple makes ridiculous profits and we all love them right


But, they didn't exactly bleed for "many years" either, they technically only made losses in 2012 & 2014 (with 2014 being significant with major writedowns). Although they only had measly profits over 2009-11 (~1% of sales), and just broke even (more or less) in 2013.