Many airlines limit checked baggage layovers to same day or a max of 12 hours for overnight. Certainly CX were happy to check mine through KUL-HKG-MEL when my HKG was overnight but less than 12 hours and HKG-MEL was operated by QF.

If more than 12 hours and overnight, then I suggest your chances are reduced. And if more than 24 hours then it won't happen. I don't know QF's policy for such transits but the system will either allow it or it won't when the agent tries to enter it into the system.