Raising capital to burn in the skies

Qantas can’t afford to underestimate the possibility Virgin’s backers will fund losses indefinitely to destroy Qantas’ domestic dominance and undermine even a skeleton international network.

At a Senate committee hearing on Friday aviation consultant Ian Thomas found it hard to understand why Qantas would so abruptly announce its plans to cut 5000 jobs last month as part of a $2 billion cost-reduction program. The answer was actually in his own testimony.

‘’I’ve been looking at Qantas now for probably the best part of 20 years. During that time they have had various job cutbacks on various occasions but none of this substance,’’ Thomas said.

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