Ann: Qantas Group HY23 Appendix 4D and Interim Financial Report, page-67

The buy back does not create more wealth.

The company has XX dollars in the bank. It spends X dollars to buy shares in itself. The company now has XX minus X dollars in the bank.
The number of shares on issue is now less but, equally so, thanks to having less cash, the vlue of the company is less.
The end result is all equal except for the cost of paying a broker to do the buying.
The company now has less cash on hand (or, in this case, less borrowing power) and has to pay interest on its borrowings that could have been reduced.
The only value of a share buyback is if the shares are woefully undervalued, the shareholders benefit from the buyback if the company has timed the market perfectly and there is later appreciation.