Stripping out layers of management, cutting unprofitable routes, adding more seats to aircraft and losing the older, less efficient jets have cut costs and ultimately made it more sustainable. I fail to see how not taking those actions (and many more) can enhance profits. If there was a way that everything could be kept as it was eight years ago and Qantas could still be one of the most profitable carriers in the world, I'd be fascinated to hear it.
Oh dear..... They have ripped the guts out of Qf, spent any money they haven't spent on themselves on Jetstar, haven't upgraded anything (they've downgraded everything), to the best of my knowledge haven't made a singe investment decision that would benefit Qantas, haven't ordered a single new jet and 'invested' billions in share buybacks to line their own pockets. And that's just for starters. I wouldn't put the current management of Qf in charge of anything anywhere near as complex as a school tuck shop - and only then with constant adult supervision. Qantas management for the last 15 years has been an abject lesson in what NOT to do.