In an industry facing its biggest crisis since the dawn of jet aviation, Qantas Airways has been having rather a good pandemic. It’s the return to normalcy it needs to worry about.
Depreciation subtracted a hefty A$1.92bn, but that’s in some ways more a quirk of accounting policies than a true reflection of the way the assets deteriorated. Qantas writes down the value of its planes by the same amount each year. With only about a fifth of the capacity flown in the 12 months through June relative to pre-Covid levels, that theoretical charge doesn’t reflect the minimal wear and tear incurred.
The allure of such long-haul flying is undeniable. Qantas has for years marketed itself to Australia’s footloose diaspora with tear-jerking images of hugs at baggage carousels and cabin crew smiling a welcome home. Its latest advertisement — replete with unmasked passengers jetting off to a wedding in Singapore, a long-delayed trip to Disneyland, and a reunion with a faraway daughter — is no exception.
For all that Australians stuck at home may yearn for a trip to Singapore or Disneyland, there’s also the problem of who’s going to be on the return flights. Tourist traffic is likely to be minimal as long as arriving travellers still have to spend 14 days in quarantine. In theory, that situation might ease up as vaccine uptake improves from the current 54%, which seems to be happening rapidly. About 5% of the over-16 population received a first dose within the past week alone.
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