Update on the VA route;
Will look like the following -
Wed 12 March 2014
MEL - HBR VA1316 D;8.40am A;9.55am
HBR - MEL - CBR VA1325/227 D;1:00pm A;4:30pm
CBR - ADL VA581 D;6.50pm A;8.50pm
Layover ADL
Thu 13 March 2014
ADL - PER - DRW VA407/1351 D;7.00am A;1.05pm
DRW - SYD - BNE VA1352/9993 D;1.55pm A9.00pm
***all airports reached***
Layover
Fri 14 March 2014
BNE - MEL VA302 D;5:00am A;8:20am
Total cost at current sale prices ~$1000
^For a total of 1 day 20 hours and 20 minutes from leaving MEL to arriving back at MEL.
Just looked at QF...
Wednesday 12/03
MEL-HBA QF1011 0700-0815 73H
HBA-xSYD QF1020 1200-1350 73H
xSYD-CBR QF1485 1445-1540 DHC8-4
CBR-ADL QF737 1755-1910 73H
Thursday 13/03
ADL-xPER QF593 0645-0735 73H
xPER-DRW QF792 0830-1335 73H
DRW-xCNS QF1871 1955-2255 717
Friday 14/03
xCNS-BNE QF799 0530-0740 73H
BNE-MEL QF613 0900-1220 73H
All up for $1478 booked individually in Y on QF's website as of 02/09 night. Looks like QF may end up being more expensive and outside 48 hours if starting from MEL. If JQ is allowed, better timings are there but not sure if it'll make 48 hours either. ADL-xPER-DRW seems to be the limiting factor on QF as there's a DRW-xSYD-BNE that'll get you to BNE by Thursday night but it leaves 15mins after landing in DRW from PER.
I only followed your flight path, so there might be a better way on QF if you went MEL-ADL first and left HBA to last and follow a clockwise direction of travel or MEL-HBA-CBR and follow a anti-clockwise direction. Seems getting in and out of PER to/from DRW is the limitting factor on QF. I'll delve deeper and see what comes up for QF.
If I can somehow find some cash I'm highly interested in this, something for kicks and to help get some SC's to reach WP. Although I can only do weekends and start the journey out of CNS...
Edit 1: Just plugged it into MilageMonkey and comes out as 7,507 miles and 135SCs... Adjusting for minimum points on the MEL-HBA and SYD-CBR legs comes to 8,978 points for NB, 12,467 points for PS, 14,211 points for SG, and 15,956 points for QP.
Edit 2: Looks like if you want to circle Australia within 48 hours your only option is VA... well from my quick look anyway.
Edit 3: And I just manged to find a routing that visits all capital cities on QF within 48 hours, although it'll require a red eye out of PER (and even get back to MEL same day if you want to take the second last or last flight out of HBA to MEL)
Wed 12/3
MEL-ADL QF671 0700-0750 73H
ADL-DRW QF754 0840-1115 73H
DRW-PER QF793 1420-1640 73H
PER-BNE QF652 2310-0540 332
Thu 13/3
BNE-SYD QF507 0645-0920 763
SYD-CBR QF1473 1045-1140 Q400
CBR-MEL QF853 1225-1335 73H
MEL-HBA QF1015 1455-1610 73H
and then the immediate turn around
HBA-MEL QF1016 1650-1805 73H
Home for a late dinner for a total of 1 day 11 hours and 5 minutes from leaving to arriving at MEL.
Cheapest I could work it out for is $1373.67 over 4 multi-city itineraries plus $28 in credit card fees.
110SC and 10,523 points for NB, 12,467 points for PS, 14,211 points for SG, and 15956 points for WP.
Anyone game to circle Australia on JQ? xD