QAN - Qantas Airways

[farmerge]

Good evening

UBS analyst Andre Fromyhr says Qantas' trading update was overall positive, as strong trading conditions continue to drive earnings and cash flow beyond expectations. He notes that forward bookings appear positive so far, based on Qantas's reported intakes and the cash flow implied by its net debt guidance.

Mr Fromyhr stays neutral rated with a $7.60 target price.

On another note, the Transport Workers' Union is calling on Qantas to pay back $2.7bn of government handouts it received during the Covid-19 pandemic after the airline flagged a record underlying profit of up to $2.5bn for this financial year.

Have a nice night.

Kind regards
rcw1

Can't really seeing the CEO of Qantas towing the TWU line. But then pigs may fly and what was given may be returned !!!!!

 

[mullokintyre]

Wasn't sure as to whether this should go in Politics or QAN.
Chose QAN in the end.

Conflict of Interest?
nah, No way!
Mick

 

[Craton]

Bloody hell, ya can't this stuff up can ya!

 

[Sean K]

I recently flew QAN from Melb to the UK and back. My exit row seat blind couldn't be raised so the chief stew told me to put up the safety cards on the window so I could see the entertainment system. That didn't really work. Luckily I had my computer so I had some entertainment. I had requested an upgrade to business but didn't get it, even though there were spare business class seats. I asked for a refund of my 'upgrade' to the exit row and they said no. Just no. I wish I was Albo's son. NOT!

 

[Garpal Gumnut]

I recently flew QAN from Melb to the UK and back. My exit row seat blind couldn't be raised so the chief stew told me to put up the safety cards on the window so I could see the entertainment system. That didn't really work. Luckily I had my computer so I had some entertainment. I had requested an upgrade to business but didn't get it, even though there were spare business class seats. I asked for a refund of my 'upgrade' to the exit row and they said no. Just no. I wish I was Albo's son. NOT!

View attachment 160506

Disgraceful really.

QAN should partner with the Pharmacy Guild.

They both have all members of Parliament by the balls or whatsnots.

The AFR is the best reportage on QAN.

In any other country there would be action on the suggested corruption they allegedly engender in important members of the Chairmans Lounge such as our PM and Ministers. I don't have access to yesterday's article and that of some weeks ago to which you refer

gg

 

[mullokintyre]

QAN is in trouble(again) as the ACCC has launched legal action in the supreme court accusing it of selling tickets for cancelled flights, and refraining from informing passengers that flights had been cancelled until days after the flights had been cancelled.
From Evil Murdoch press

The consumer watchdog has launched Federal Court action against Qantas, alleging the airline advertised tickets for 8000 flights that had already been cancelled but not removed from sale.
In an explosive revelation, the Australian Competition & Consumer Commission alleged that the flights in question were scheduled to depart between May and July 2022, and Qantas kept selling tickets for an average of more than two weeks after they were cancelled.

A statement by the ACCC alleged that for more than 10,000 flights scheduled to depart in that period, Qantas did not notify existing ticketholders their flights had been cancelled for an average of 18-days and in some cases for up to 48-days.

The ACCC further alleged that Qantas did not update its “Manage My Booking” web page for ticketholders to reflect the cancellation.

“This conduct affected a substantial proportion of flights cancelled by Qantas between May to July 2022,” said the ACCC.

“It’s alleged that for about 70 per cent of cancelled flights, Qantas either continued to sell tickets for the flight on its website for two days or more, or delayed informing existing ticketholders that their flight was cancelled for two days or more, or both.”
ACCC chair Gina Cass-Gottlieb said a detailed investigation had been conducted into Qantas’ flight cancellation practices.

“As a result, we have commenced these proceedings alleging that Qantas continued selling tickets for thousands of cancelled flights, likely affecting the travel plans of tens of thousands of people,” she said.

“We allege that Qantas’ conduct in continuing to sell tickets to cancelled flights, and not updating ticketholders about cancelled flights, left customers with less time to make alternative arrangements and may have led to them paying higher prices to fly at a particular time not knowing that flight had already been cancelled.”

As an example of the conduct, ticket holders scheduled to fly on Qantas flight QF93 from Melbourne to Los Angeles on 6 May 2022 were first notified of the cancellation on 4 May, two days before the scheduled departure and four days after Qantas had cancelled the flight.

One consumer was provided with a replacement flight a day before their original departure date, which was communicated only by the Qantas app.

As a result, the consumer had to change connecting flights and had a 15-hour layover in Los Angeles, which had a significant impact on the consumer and left them $600 out of pocket.

The knives are out for QAN, I would not be putting any of my money into their shares in the forseeable future.
I used to be a regular QAN flyer, but have bypassed them locally for REX or Virgin, and internationally with Emirates, Singapore Airlines and even United.

Mick

In another example, Qantas sold 21 tickets for QF73 from Sydney to San Francisco scheduled to depart on 28 July 2023 after it had cancelled the flight, with the last ticket being sold 40 days after cancellation.

Numerous other examples were listed by the ACCC on its website, and it was alleged that Qantas “made many of these cancellations for reasons that were within its control”.

“(These included) network optimisation including in response to shifts in consumer demand, route withdrawals or retention of takeoff and landing slots at certain airports,” said Ms Cass-Gottlieb.

“However this case does not involve any alleged breach in relation to the actual cancellation of flights but rather relates to Qantas’ conduct after it had cancelled the flights.”

 

[mullokintyre]

Terry Mcrann writing in the Evil Murdoch Press reckons Alan Joyce and QAN should be praised not villified.

Alan Joyce has been unambiguously and quite simply undeniably a very good CEO of Qantas, both before and then through the existentially threatening two long, very long, wasted and unnecessarily so, years of Covid.
The $2.5bn pre-tax profit unveiled last week was - and should indeed have been universally hailed as - the triumphant culmination of his 15 years of leadership; of his fundamental remaking of Qantas, in strategic and in tactical operating terms.

Let me get this figure in right upfront: the flight bans, the lockdowns, stripped Qantas of a thumping, a quite staggering, $25bn of revenue.
That it is still standing – correction, flying – is no small miracle. And for which Joyce can take the credit. And indeed the cheques he’s well and truly earned.

It also puts in context the total of around $1.5bn Qantas received from the federal government in direct Covid-related assistance over the three years from 2019-20 through 2021-22.

An alternative expressed by Ian Verender at Their ABC has a different viw.

This wasn't the heroic ending he envisioned.

Qantas workers have beaten the company in court over illegal sackings. Customers have launched a class action over the airline's tardiness in handing back more than half a billion dollars in flight credits.

And now, instead of adulation after delivering the airline back to good financial health, Alan Joyce instead found himself up before a Senate hearing into Australia's cost-of-living crisis, accused of profiteering and pushing the national inflation rate towards the heavens.

Suddenly under fire from all around, the combative Irish-born Qantas chief took the fight head-on last week in a fiery interview with Sarah Ferguson on 7.30.

The big issue? With the airline on the receiving end of $2.7 billion in taxpayer handouts during the pandemic, was it honourable or even right to not consider repaying a portion after delivering a record profit?

Not at all, he retorted. No-one else had to pay any back. According to Joyce, the best way for Qantas to repay the loot was by continuing to make profits.
"As we're making money, we'll pay corporate tax, and we'll be getting there faster," he declared.

As an argument, it was perfectly logical and, in most cases, it would be true. In this case, however, it was just a little too cute.

That's because, during Alan Joyce's 15-year reign, Qantas hasn't paid any tax. In fact, it has the enviable record of getting more back from the Australian Tax Office than it's ever handed across.

The numbers work out like this: The airline has shelled out $2.65 billion to the taxman over those years. But that's been swamped by credits from the Tax Office to the tune of $2.93 billion. And that is on top of the $2.7 billion in government support during the pandemic.
How has he done it? Essentially, by losing money. True, the COVID-19 pandemic wreaked havoc on its finances, completely out of management control.

But Qantas notched up losses in 2012 in the wake of Joyce's infamous call to shut the airline and leave tens of thousands of passengers stranded around the world as he battled his workforce.

Then, two years later, the Qantas boss went head-to-head with his arch-rival John Borghetti at Virgin to shore up market share. Joyce won the fight. But it was a disaster for the airline. It lost just on $3 billion as Joyce begged then-treasurer Joe Hockey for a handout.

While the Morrison government's COVID-19 pandemic response was hurriedly cobbled together out of necessity in early 2020, the taxpayer largesse continued even as it became obvious that not all companies were adversely impacted.

Qantas clearly was one of the worst affected as airlines were grounded. But while Virgin was cast adrift and allowed to collapse, Qantas was kept on life support, receiving far more than any other company in the country.

Once a government-owned enterprise, the airline still is considered a "national carrier". Given the extraordinary level of taxpayer support, it seems almost inconceivable the government did not demand an equity stake in the operation.

Joyce repeatedly claimed the airline was 11 weeks away from insolvency. If that were the case, the taxpayer investment that ensured its survival should have been secured. It could easily have been returned once the airline was operational.

Instead, Joyce has been allowed to hand back $1.5 billion to investors via share buybacks, which have the effect of boosting the Qantas share price and maximising benefits to Qantas executives, including the outgoing chief executive.

two very different views of the same company circumstances.
I would be dishonest if I did not admit to preferring Verrenders view of the stats.
Mick

 

[dyna]

The AFR is the best reportage on QAN.

Yeah Joe Aston is a scream.
I died laughing .
( Poor Allan Joyce, though . )

 

[frugal.rock]

Personally, I think the little leprechaun should be jailed.

Fancy selling tickets to cancelled flights, days and weeks after cancellation?

A national disgrace.

If I had $500 million of Qantas's money, I'd be in jail.
Give him nothing but a tax bill I say.

Service and equipment has been atrocious for years.

 

[over9k]

Are we 1000% sure it wasn't some kind of system glitch?

 

[mullokintyre]

Are we 1000% sure it wasn't some kind of system glitch?

What exactly?
You mean the selling and not telling people flights are cancelled was due a system glitch?
Mick

 

[sptrawler]

Has the media has stopped publishing photos of Albo with his arm around Allan, in the BFF pose? Lol

 

[over9k]

What exactly?
You mean the selling and not telling people flights are cancelled was due a system glitch?
Mick

Yeah qantas's i.t systems are an absolute joke. So bad that they're... suspiciously bad.

Almost as if they've been deliberately made so buggy as to not register things that effect qantas's profits.

I get these problems with my frequent flyer points etc all the time - the system just doesn't apply them and I have to make a claim/chase qantas up constantly.

It's so frequent/likely that I can't possibly believe that it isn't deliberate.

 

[qldfrog]

Terry Mcrann writing in the Evil Murdoch Press reckons Alan Joyce and QAN should be praised not villified.

An alternative expressed by Ian Verender at Their ABC has a different viw.



two very different views of the same company circumstances.
I would be dishonest if I did not admit to preferring Verrenders view of the stats.
Mick

Incredible, I agree with their ABC too...

 

[Garpal Gumnut]

Joe Aston in the AFR has the best Journalism on Qantas, the Qantas board and Alan Joyce.

gg

 

[farmerge]

Joe Aston in the AFR has the best Journalism on Qantas, the Qantas board and Alan Joyce.

gg

I heard on the idiot Box last night that the beleagued CEO (I'm being very courteous here) has been granted $10 million worth of shares for "outstanding" performance.
Wow all that Covid cash certainly made a difference, plus putting off staff etc etc etc.

 

[Dona Ferentes]

Alan Joyce will walk away from the top job months earlier than expected after weeks of public and regulatory pressure on the national carrier.

After 22 years with the airline, including 15 as its leader, today will be Joyce's final day in the job, Qantas confirmed to the ASX in a statement today.
.
.... no 'transition to boardroom' jobs, please

 

[sptrawler]

Alan Joyce will walk away from the top job months earlier than expected after weeks of public and regulatory pressure on the national carrier.

After 22 years with the airline, including 15 as its leader, today will be Joyce's final day in the job, Qantas confirmed to the ASX in a statement today.
.
.... no 'transition to boardroom' jobs, please

From some ex flight attendants that I know, he wont be missed by the employees.
He showed what sort character he was, when he used his position to crucify Israel Folau, then there was the baggage handler saga, now the P.M's son and the selling tickets on cancelled flights. IMO an absolute turd.
Yet he was held up as a role model by many, when it suited them, talk about a broken moral compass.
Gina Rhinehart bad for pulling sponsorship, Alan Joyce good for pulling sponsorship, we are a weird country.

Qantas vows to go to high court after losing appeal over unlawful baggage handler sackings

Airline fails to overturn ruling that it unlawfully outsourced almost 1,700 jobs in part to avoid industrial action

www.theguardian.com

Ugly Israel Folau twist in Qantas' split with Rugby Australia

Qantas' decision to cut ties with Rugby Australia has thrust Israel Folau back into the spotlight.

au.sports.yahoo.com

TWU response to Joyce departure

Quotes attributable to TWU National Secretary Michael Kaine:"Alan Joyce's departure is welcome news for workers. In fact, it's the first good decision

www.miragenews.com

Quotes attributable to TWU National Secretary Michael Kaine:

"Alan Joyce's departure is welcome news for workers. In fact, it's the first good decision the Qantas board has made for a very long time. The question now should turn to whether the board should spill their positions following years of decimated jobs and standards, illegal outsourcing, and outrageous bonuses.

 

[TimeISmoney]

From some ex flight attendants that I know, he wont be missed by the employees.
He showed what sort character he was, when he used his position to crucify Israel Folau, then there was the baggage handler saga, now the P.M's son and the selling tickets on cancelled flights. IMO an absolute turd.
Yet he was held up as a role model by many, when it suited them, talk about a broken moral compass.
Gina Rhinehart bad for pulling sponsorship, Alan Joyce good for pulling sponsorship, we are a weird country.

Qantas vows to go to high court after losing appeal over unlawful baggage handler sackings

Airline fails to overturn ruling that it unlawfully outsourced almost 1,700 jobs in part to avoid industrial action

www.theguardian.com

Ugly Israel Folau twist in Qantas' split with Rugby Australia

Qantas' decision to cut ties with Rugby Australia has thrust Israel Folau back into the spotlight.

au.sports.yahoo.com

TWU response to Joyce departure

Quotes attributable to TWU National Secretary Michael Kaine:"Alan Joyce's departure is welcome news for workers. In fact, it's the first good decision

www.miragenews.com

Quotes attributable to TWU National Secretary Michael Kaine:

"Alan Joyce's departure is welcome news for workers. In fact, it's the first good decision the Qantas board has made for a very long time. The question now should turn to whether the board should spill their positions following years of decimated jobs and standards, illegal outsourcing, and outrageous bonuses.

Nothing to see here.

"Alan Joyce is slipping into retirement two months early with a $24 million pay packet,"

 

[sptrawler]

Nothing to see here.

"Alan Joyce is slipping into retirement two months early with a $24 million pay packet,"



View attachment 162026

Yes, we had Jetstar credits from covid, I asked to use them on Qantas, "No Way". I used to always use Qantas, now I have no loyalty, IMO the re building of the name will take years.
Meanwhile Joyce walks away with a fortune, Albo will be trying to distance himself ASAP, I don't think the buddy buddy relationship is a vote catcher.
These articles kind of say it all:

Alan Joyce abruptly departs Qantas after scandalous week and 'many ups and downs'

Embattled Qantas boss Alan Joyce brings his retirement forward by two months after a horror period for the airline.

www.abc.net.au

On Monday, Qantas' board of directors issued a statement in response to the ACCC action, where they apologised for falling short of expectations after the pandemic.

The board also acknowledged Qantas' reputation "has already been hit hard on several fronts" and was taking the community's frustration and disappointment seriously.

"We know that the only way to fix it is by delivering consistently," the statement said.

"We know it will take time to repair. And we are absolutely determined to do that."

The national secretary of the Transport Workers Union, Michael Kaine, said the news of Mr Joyce's departure from Qantas was "the first good decision the Qantas board has made for a very long time".

Mr Kaine said Mr Joyce needs to have his millions of dollars worth of bonuses stripped "immediately".

"Alan Joyce is slipping into retirement two months early with a $24 million pay packet, leaving one of the biggest messes in corporate Australia's history in his wake," he said.

"After finally receiving the public scrutiny he deserves for trashing one of Australia's most cherished companies, Alan Joyce is exiting with a $10 million bonus, announced on Friday.

"The question now should turn to whether the board should spill their positions following years of decimated jobs and standards, illegal outsourcing, and outrageous bonuses," he said.

"The new regime must embark on a total reset. Qantas needs to bring back good, secure jobs and quality standards."

The Australian Council of Trade Unions (ACTU) has also welcomed Mr Joyce's decision to leave the airline earlier than scheduled, and said Qantas has an opportunity to start fresh.

"Whilst we welcome Alan Joyce's exit, what really needs to go is the culture of profit over people," ACTU president Michele O'Neil said.

"Now is the opportunity for Qantas to restore its reputation as the nation's flagship carrier by working with unions to pay workers the fair wages and conditions they deserve and restore customers' faith in this airline."

Senate inquiry to examine Qatar Airways decision as opposition wins crossbench support

Shadow Transport Minister Bridget McKenzie has accused the government of stifling competition by banning 21 additional Qatar Airways flights into major capital cities each week.

www.abc.net.au

The never-ending spin that protected Alan Joyce and Qantas from reality has started to unravel

Alan Joyce will leave Qantas after 15 years with $125 million, while the airline's operations have suffered and its reputation has been trashed, writes business editor Ian Verrender.

www.abc.net.au

From the article:
And now the Albanese government is under fire for its cosy relationship with Qantas after it admitted it blocked Qatar Airways from running extra flights just so it could protect the airline in a deal that screws over consumers and pushes up inflation.

The Flying Kangaroo has always punched well above its weight when it comes to lobbying. Almost every pollie in the nation sports a Chairman's Lounge ticket which, incidentally, are selected personally by Joyce.

That suddenly is looking less like a badge of honour and more like an item of scorn.