Yup exactly. The Greens’ loss was mostly because the earlier Greens wins came on the back of Labor finishing 3rd and preferences going to the Greens. If the LNP finishes 3rd, preferences go to Labor and Labor wins. There was also a redistribution in Melbourne that favoured Labor pretty strongly. It’s one of the weird quirks of IRV and exposes a reason proportional systems like MMP (used in Germany and NZ) are better.