From 2009 to 2015 Singapore Airlines made an aggregate net profit after tax of $3.5 billion; Cathay Pacific $4.8 billion; and Air New Zealand $898 million.
Qantas in the same period lost $2.1 billion but its CEO earned almost 50 per cent more than Singapore Airlines' CEO.
Do some creative accounting, and Qantas is suddenly profitable.
When Joyce became CEO of QF, Jetstar had 43 aircraft, and QF had 188. By 2015 JQ had 118, and QF 117. Where do you think the money was being spent? Perhaps those unprofitable routes that "had" to be dropped could have been made profitable if a desperately ailing QF mainline had bought those 75 more efficient aircraft for itself instead of a subsidiary?
Joyce is on the hustings telling all and sundry about how his team have just now magically "discovered" the B787 and how it will be the saviour of Qantas, despite the fact that they received some 5 years ago, and GAVE them to someone else!