Qantas well-placed for future investment, says CFO
Australia’s “surprisingly strong” position in global aviation makes Qantas an attractive option for future investment as foreign ownership restrictions on the airline are eased, says chief financial officer Gareth Evans.
In a keynote session at the CAPA Aviation Summit, Evans underlined consolidation as “the way of the future”.
“We want the change to participate in that consolidation,” he said.
While the recent changes to the Qantas Sale Act do not eliminate restrictions on the airline’s ownership, they have been eased.
Last month, the federal government confirmed plans to lift restrictions under the Qantas Sale Act that prevent a foreign investor from owning more than 25% of the company and cap combined ownership by foreign airlines at 35%.
“The playing field has been tilted towards a more level position,” Evans said. "It's certainly a big step in the right direction."
However, consolidation is a "long-term proposition", he continued.
"There are plenty of other things going on at Qantas right now for us to deal with. We need to absorb the implications of that," he said.
While the airline still has to consider the opportunities ahead of it under the changes, Evans highlighted Australia's position as a “hugely important” part in the global aviation industry as a major plus.
In addition, Australia's ranking among Emirates’ top two international markets also strengthens its standing.
“That makes Qantas a very important global player,” he said. “But it’s too early to guess who may or may not be interested in partnerships.”
Although Emirates has ruled out a potential equity acquisition, the Dubai-based carrier remains one of Qantas' most significant partners with the partnership “working fantastically” from a customer perspective, according to Evans.
“From an economics perspective it is absolutely doing what we hoped it would have done and what Emirates would have hoped it would have done,” he said.
Email the Travel Weekly team at traveldesk@travelweekly.com.au
airlines consolidation emirates gareth evans qantas qantas sale actLatest News
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