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Qantas reveals $500 million loss caused by lockdowns

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Qantas is forecasting a loss of more than $2 billion this financial year

The Aussie Airline has issued a statement to the ASX stating that recent COVID-19 lockdowns had cost the airline $500 million in earnings.

That included $15 million from Perth’s 3-day snap lockdown, $29 million from the Brisbane lockdown, and even worse, $400 million from the lockdown in Sydney’s Northern Beaches.

A sustained rebound in the Australian domestic travel market and the performance of its Freight and Loyalty divisions continues to drive the Qantas Group’s recovery from the impacts of COVID-19.

The national carrier has recently pushed back its plan to restart international travel.

In a statement, Qantas CEO Alan Joyce says:

“Managing costs remains a critical part of our recovery, especially given the revenue we’ve lost and the intensely competitive market we’re in.”

Joyce has called for urgency to speed up the rollout of the COVID-19 vaccine in Australia, stating “Australia has to put the same intensity into the vaccine rollout as we’ve put on lockdowns and restrictions, because only then will we have the confidence to open up.”

“We’ve adjusted our expectations for when international borders will start opening based on the government’s new timeline,

A Qantas plane takes off from the Sydney International airport on May 6, 2021, as Australia’s competition regulator said it would block a pricing, code-sharing and scheduling deal between Qantas and Japan Airlines because it would likely mean higher fares for passengers. (Photo by Saeed KHAN / AFP)

Some Qantas crew are back at work – others are set to go

Qantas boss Alan Joyce said, “It’s great to see so many of our people now back at work and the majority of our fleet back in the air.”

The airline has reduced its workforce drastically since the start of the pandemic, with thousands of employees wither stood down or made redundant.

Qantas confirmed of approximately 22,000 roles across the Group, some 16,000 are currently stood up, including all domestic crew, all corporate employees and some international crew.

It’s understood the airline will ask international cabin crew to volunteer to be made redundant.

Qantas staff talk to passengers onboard a flight bound for Auckland on April 19.

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Money

Finance expert empowers his social audience with accessible wealth tips

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The right strategy can change the game for your financial freedom. Meet the advisor making his tips accessible to all.

Wyld Money dives into the world of financial freedom. Whether you’re a seasoned investor or just getting started, join us for actionable tips and tricks to unlock your earning potential, and retire on your own terms.

In this episode, Mark is joined by James Wrigley, Financial Advisor at First Financial. #wyld money #trending

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It takes a village: coordinated financial teams prove paramount to maximising wealth

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The pursuit of wealth is often faced by significant challenges including debt, lifestyle costs, and burnout – so what methods can help overcome these challenges?

Maximising financial opportunities involves a suite of tasks, from leveraging favourable loan rates, strategic tax planning, and coordinated financial advising.

Mark Wyld from MW Wealth joins to discuss more. #featured

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Tesla shareholders approve historic $56B Elon Musk pay package

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Tesla shareholders have voted to approve Elon Musk’s unprecedented $56 billion compensation package, underscoring their confidence in his leadership and vision for the electric car company.

The package, which is tied to ambitious performance targets, includes a mix of stock options and bonuses contingent upon Tesla’s financial and operational milestones over the next decade.

As reported by Reuters, the approval underscores the support that Musk enjoys from Tesla’s retail investor base, many of whom are vocal fans of the mercurial billionaire.

The proposal passed despite opposition from some large institutional investors and proxy firms.

#featured

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