RD,
What your analysis and oft-repeated slogan of Qantas need a new fleet completely ignores is that new aircraft need to be paid for.and new jets are not exactly cheap Much of the current fleet is paid for and unencumbered. It is true that a new fleet would have less fuel burn, but the real question is would a new fleet have a higher operating margin and make a sufficient ROIC once you allow for the purchase price using forecast revenue over the 20 odd year life cycle of the aircraft taking into account revenue predictions in an ever-increasing competitive market? The total after tax profit reported last week is about enough to buy 2 787s.