Why are multi city flights much cheaper than return flights?

Why are multi city flights much cheaper than return flights? Hey all, While I get the reasoning why layover flights can be cheaper than direct flights, I'm just struggling to understand how a multi city flight is literally cheaper than a return flight. The scenario is this: Flying Cathay, a economy return flight from Melbourne to Hong Kong is around 1300 AUD. However, if you book a multi city flight where...

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