Qantas has announced that it will cut 4,000 workers (6,000 planned) in order to try and survive the COVID-19 crisis after it posted an annual loss of A$2bn ($1.43bn). Alan Joyce confirmed what we all know to be true; “trading conditions are the worst in the airline’s 100-year history”, and yet this record loss only covers a few months at the start of the pandemic. If you look closer at the results, you will note that Qantas has moved quickly (again) to write-down the value of assets, by a staggering A$1.4bn, primarily due to inflated valuations on its A380 fleet.

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