all hail the god - alan joyce, page-31

Qantas is in the unenviable position of serving three masters. The government thinks its still owns it, the board do not take their management role seriously at all, and the unions make ambit claims hoping that a weak board will give in to them.

In last few days Qantas has run two ad campaigns offering cheap flights, some half regular price, to fill seats way in to next year. The prices are clearly well below cost, so it looks like a desperate cash flow exercise.

I suspect that Qantas' financial position is much more parlous than generally realised. The share price history cannot be ignored.