European airlines returning to Australia?

I think there are three main factors that doesn't make serving OZ with their own metal appealing for most euro carriers:

The ME3 - well the ME3 plus TK really.  They have a geographical benefit of being able to fly from their hubs non stop to europe making one stop flights from say Newcastle (UK) to Sydney, Lyon to Melbourne or Venice to Perth possible.  Also their hubs run 24hrs and th ey aren't restricted by things like unions, maternity leave etc etc so can keep their costs uber low.

Yield - Most european carriers can get more yield per km by using their aircraft on flights to the US or Asia.

Aircraft Utilisation - kinda linked in with yield.  It takes a lot fo aircraft to maintain a daily service say LHR-SYD (especially when taking into consideration curfews at either end requiring extended periods on the ground).  In the time it takes on aircraft to operate LHR-SYD-LHR the same aircraft could have probably jetted to JFK and back three or four times.

Urgh wish you could edit your post once posted.  Meant ME3 have the benefit of being able to fly non stop from their hubs to OZ and europe.