FL, tend to agree. Still many potential negatives factored in at...

FL, tend to agree. Still many potential negatives factored in at this price. Lower oil, whilst a negative p & l issue helps them in the long run (why'o'why did they use a collar???)$A could also get worse, so hard to judge the value of the currency hedge. Great to see 777's funding in place, locked in start date and also fantastic to see Gov't business improving. Think this might become an important growth area for them. The more corporates and govt use their services it will have a snowball effect. They have better planes and entertainment but corps and govt like to network at Q.club so they need critical mass in the lounges. Also improves the "style" of passenger which is important. I think QAN replacing many routes with Jetstar (eg. Syd - Gold Coast) plays into VBA's hands. With all the new perks business travellers are far more likely to now fly VBA. SP looks like it may languish for a while - seems to be a reasonable seller, but that doesn't alter the LT outlook for this business.