The only pay rise certain is for the executives who partake in the Long Term Incentive Plan (LTIP). It is worth considering the
Qantas 2017 Annual report pages 39 & 40. The lack of investment in Qantas, the share buy-back & dividend policy is incentived by the LTIP performance criteria to elevate the share price to hit the total return targets for bonus payouts. Expect further buy backs and less investment in the business if the markets move higher. Got to keep up with the Jones to get a pay day.
TSR = Total Shareholder Returns, that is share price + dividends
Qantas Annual Report 2017, page 13
Qantas Annual Report 2017, page 39
Qantas Annual Report 2017, page 40