As someone who is currently looking to find the cheapest LON<>MEL ticket, I find your question, from a UK point of view, very saddening indeed.

Even the cheapest fare I can find for September 2001 (£878) is outrageous. That is, of course, because of the virtual monopoly BA/Qantas have on the quickest and best connection (via Singapore).

No miles for £878? You are correct! The England - Australia extortionate rates need a little shaking up if, at these prices, you cannot even get miles for the journey!