They are certainly in trouble. As you point out, there are question marks over the leadership, but in addition, Qantas also need to contend with:
1) Reputational damage (to the brand and trust in the company)
2) A rapidly declining customer base
3) Aging aircraft requiring capital expenditure
4) Rising costs in an inflationary environment
5) Rising fuel costs (noting the geopolitical landscape)
6) Increased competition (Other carries now more attractive)
Will QAN survive?, page-6245
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