The all what agents told me, I was and am of the same opinion as Kiwi is but still was able to score Oz-Asia-EU-US-Oz once (which technically is even 4 regions) during my M&L 'career'. But that does not mean that such a thing is within the rules.

I believe that the above was possible as LH sells exactly this routing as a return ticket ex. Oz and hence the agent construed the same rule for the award.