Greater than 80% load factor AND on routes around the 8 hours is their sweet spot. With lower passenger loads the 747-800 and 777's easily outdo it for fuel burn, and much greater then 8 hours the economics become less advantageous. Tis an exponential thing.
For a European carrier such as Emirates that have a high density economy section and short leg lengths it works and works well, and it would be OK for Oz if we only flew to Asia.......
It also works with high density and slot constraints, ie, the number of movements you are allowed at airports. But again, only with a very high passenger load as landing fees are based on airplane weight.
With the same passenger load doing an LAX-SYD, the old 747-400 used some 30,000 kgs less fuel, and the Virgin 777's (when they were around) would do 30,000kgs less again than the 747.
The A380 can't fly as far south (Latitude) between Aus and South Africa or South America than the 747's due ETOPS, so has to fly further and more fuel. Yes, they are a 4 engine airplane, but the outboard engines provide thrust only, same as the A340's.
The right airplane for Oz was the 747-800 but Boeing got it going too late to get enough orders in to make it viable.