But I wonder whether the SP increase during September was...

But I wonder whether the SP increase during September was (maybe?) purely based on nothing but sentiment as people enjoyed the feeling of being let out of their houses and started to dream about where they may fly to.

But then the reality hits home when they realise their politicians have not given back their freedoms (despite saying they have).

And in the place of freedom is "you can now travel overseas, except....."

you have to:

Take a PCR test for each member of your family before you leave the country and pay $150 for each
Take a PCR test for each family member before you come home and possibly pay up to $500 for each
Wear masks in the airport despite being fully vaccinated
Wear masks on the plane despite being fully vaccinated
Provide to private companies (such as airlines) that you have your 'vaccination papers'
Provide to government officials that you have your vaccination papers
Agree to be essentially imprisoned if you test positive or are a close contact of someone who tests positive

I personally think individuals are realising that travel is no longer enjoyable, and people will vote with their feet (and I presume a greater percentage of people will get in their car and drive somewhere).

Finally, I'm a corporate guy. I used to travel non-stop domestic and international. But I haven't taken a business trip in 2 years now. All of my corporate buddies are the same.

Given Qantas was previously so reliant on business customers for big margins (flex tickets, premium economy and business seats as well as contribution to the FF business), I just can't see how anyone sees value in Qantas right now.

I think Alan Joyce has sold the dream (as he should as CEO), but too many retail investors have taken him on face value without looking behind the curtain.