Why our corporate leaders are playing it cool on record profits

For decades, in the absence of a financial crisis or a royal commission, only those clutching CBA shares or financial analysts took any real notice of bank earnings announcements.

At $2.4 billion, Qantas is on track to deliver its best-ever result by a huge margin, a feat achieved despite a horror stretch of customer outrage at management incompetence with ongoing delays, cancellations and baggage disappearance; the basics of running an airline. Last month, the airline – which courts the rich and powerful through exclusive entry to its Chairman's Lounge – was given a leg up by the federal government through an unusual decision to block Qatar Airlines from running an extra 21 flights a week.During the pandemic, Qantas banked $695 million in JobKeeper payments, a large slice of the $1 billion in subsidies from an international freight mechanism and the bulk of a $715 million regional assistance package.

That's what happened in the 1970s and '80s. But two big changes have occurred since then that largely have been overlooked. Both have to do with market power. Unlike other countries such as America, Australia has a long history of allowing the concentration of corporate power, a situation made even more pronounced by the privatisation of former government monopolies.When inflation pays dividends

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