Opinion: The Qantas result presents an ugly picture of what a major airline looks like when it can’t fly. But it could have been even uglier
Qantas Loyalty, remarkably, only experienced a 9 per cent decline in profitability, generating earnings before interest and tax of $341 million. Its membership and member satisfaction figures have actually improved, despite the absence of flights.
How bad it is will depend on how quickly domestic borders re-open. Alan Joyce is pushing for a national cabinet-driven and science-based framework for their opening and closing; bemused that states with zero or minimal cases are still shut to domestic travel.
That’s because of Qantas’ dominance of one of the most profitable domestic markets in the world, an expectation that the restrictions on international travel will boost the volume of domestic travel and the changing shape of its only meaningful competitor.
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