The issue could be around their fuel hedging policy. Has Qantas...

The issue could be around their fuel hedging policy. Has Qantas hedge its fuel prices to high compared to where fuel is now and versus airlines that don't hedge

This is Qantas last statement of fuel hedging, but it was in August last year
http://australianaviation.com.au/2015/08/cost-reductions-lead-qantas-on-the-path-to-profitability/

The total fuel bill for 2015/16 was expected to be no higher than the A$3.90 billion in 2014/15, and could potentially be up to $300 million lower depending on how the price of fuel moved in the year ahead.

“Everybody has benefitted from the lower fuel price. Not everybody has fully participated. We have because we got our hedging right,” Joyce said, adding that the Qantas hedging program was a “strategic advantage” for the airline.

“Our management of hedging is I think the best out of any airline around the globe. Only the airlines that are unhedged are participating more in the falling fuel prices.”