Thank God we still have some union power left, and some IR laws to protect workers in this country !
With regard to Qantas there is just one problem. The wages to pay the workers can only come from what's left over after the expenses are paid. Its not a question of unions or politics. Its pure and simple mathematics.
The only reason Qantas is still flying as it always has, is because it is paying wages and expenses out of old fat, its cash stash, its savings.
As a public listed company it must be able to prove on a continuous basis that it is solvent, ie. it can pay its bills. Technically if all its bills were called right now, it could not pay them, - its current liabilities exceed its current assets. That's fine if the future business is expected to improve. What do you think?
I'm not anti-union, anti-Qantas, or anything else. I can just add two and two and right now it comes to less than four.
I'll give you a tip. Concentrate all of your energy on the board. Focus on them, get them to act now. I can't believe they're just sitting back comfortably out of the spotlight, while their lackey, AJ, takes the heat for them.
Ultimately, it is the board that will determine Qantas future, not Alan Joyce, not the unions, not the government, it can only be the board.
QAN Price at posting:
$1.15 Sentiment: None Disclosure: Not Held
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