Will QAN survive?, page-6318

As Advent marches on and the CY (but not QAN's FY) draws to a close, what stood out for this company?

During the calendar year, QAN managed to score a huge number of 'own goals'.

The problems with luggage, shocking timekeeping, heaps of cancellations, the $2.7 billion in Federal government assistance received during COVID-19 (only some of which was for JobKeeper payments to staff), QAN's claims it would move house from Mascot NSW that were met with subsidies from state governments and QAN's extremely odd assertion that prospective passengers didn't have a contract for 'a flight' but merely some 'bundle of rights' have been well documented.

So has the arrogance of the former CEO Mr Joyce, and how his additional payments (incentives) are supposedly under review by the Board. The latter may be an attempt to bury the issue and quietly announce the result by mid-2024.

Similarly the $500,000 in 'free' flights to 14 October 2023 Referendum 'Yes' advocates (but nothing to 'No' advocates) and the placement of 'YES" stickers on three aircraft that all came down in proverbial flames when 60.01 per cent of voters said a resounding 'NO' has featured. As has QAN's disgraceful handling of COVID 'flight credits' (that expire later, on 31 December 2023 after prodding by the ACCC) and its claim yesterday that a compo scheme for delayed and cancelled flights would lead to higher fares (when it has already jacked up fares hugely).

The illegal sacking of c.1100 baggage handlers and QAN's loss in the High Court was also publicised by media.

The fracas over politicians (and others including the PM's son) being always granted access to the Chairman's Lounge, a form of soft lobbying employed by QAN (and Virgin Oz with its equivalent) was also heavily featured in media.

What however stood out for me was a small item by itself.

How Chairman Mr Richard Goyder said at the AGM words to the effect that he had 'zero concerns' about the ethics of the Board or management (I'm paraphrasing).

This shows a Chairman devoid of a moral compass. He wasn't showing much business acumen when he sprouted that statement, or when he turned the AGM microphone off after a shareholder asked about the questionable time period when Mr Joyce sold shares.

It's therefore no wonder Roy Morgan Research found QAN 's reputation has plummeted. It's become (arguably) the most hated company in Australia.

The only listed Oz company I can quickly think off that similarly wrecked its reputation so quickly was AMP. The banks suffered from the Hayne Royal Commission but have since mostly improved their lot.