Good info. Lots of billions. Today just another billion. “Once...

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mike3004

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16/12/21

12:49

Post #: 58336766
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Originally posted by Hopeful9: ↑

'The Guardian' is not the most reliable source, but published this back on 21 July 2021:

(it relates to FY 21, not FY 22):

"Qantas is on track to receive $2bn in government support by the end of this year, sparking criticism about the government’s failure to seek a stake in the company in return and concerns it will dominate the skies once Covid-19 restrictions lift.
The airline collected more than $1.2bn in federal government support last year, including jobkeeper and aviation-specific programs – more than three times the amount received by its smaller competitor Virgin Australia...

...The Transport Workers Union estimates that by the end of the year Qantas will have received $2bn from the federal government...
...Greg Bamber, a professor at Monash University’s business school whose specialties include aviation, said it would have been smarter for the Morrison government to take a stake in Qantas in return for the money.
“Smarter governments that supported airlines can insist on appropriate conditions, for example, prohibiting such airlines from paying rewards that are much too high to their shareholders and executives,” he said.
He said a federal stake could also have helped shape the post-Covid economic recovery by giving the government a say on Qantas “accepting huge funding from taxpayers, which helped to fund very high levels of pay for the Qantas CEO and executives, while outsourcing 2,000 jobs to workers who are paid less than their Qantas counterparts were paid”.
“As Qantas is accountable only to its shareholders, it is less considerate of its customers and its dedicated workforce – Qantas has laid off thousands of them.”
Bamber said regulations should be toughened “to tame Qantas’s ferocious short-term competitive tactics that try to quash its smaller rivals Virgin Australia and Rex” on regional and established routes.
“Such unregulated competition could lead to another airline collapsing,” he said.
“A collapse of the competitors would be against the interests of the Australian community as it would allow Qantas in the medium term to become a monopoly, charging high fares and providing poor service..."

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Good info. Lots of billions. Today just another billion.
“Once non-cash depreciation and amortisation costs are included, the 1H FY22 Underlying EBIT loss is expected to exceed $1.1bn.”

QAN Price at posting: $4.79 Sentiment: Sell Disclosure: Not Held
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0 Great analysis

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