Random Search: MEL-LHR-MEL Week 3-Nov to 9-Nov Out; 24-Nov to 30-Nov return (QF usually drops occasional QF10s at this time because it's quiet) ...
Outbound - nothing less than $3,772.60; Inbound - nothing less than $4,108.10 --- $7,880 in D --- no Z in sight!!
Qantas metal is $7,727 --- about $1000 cheaper using QF codeshare on EK.
I know this isn't scientific - and as I said above, not exclusive experience - but it used to be that MH was continually running sales. I well remember a 6 week period 5 years ago when I had to fly MEL-LHR-MEL twice at very short notice and there were $5600 returns available. I've recently tried pricing J returns for similar circumstances (funerals each time) and there was *nothing* under $8k on MH. Also been looking at March next year -- MH seem to pushing all of their cheap inventory onto Oman at KL. To emphasize - I have seen the odd MEL-LHR pricing at around $2800, which would make the sub $6k (just) given the differential pricing ex-LHR ... but nothing like the volumes when QF introduced the reduced SCs ... and certainly not enough to support premise that the consistently reduced SC earn matches a consistently reduced price.
Regards,
BD