Did Senior Management also have a pay freeze. Yes. Bang - point lost again - case dismissed.
The "pay freeze" to which you refer neglects the millions of options awarded to "management". The workforce were not awarded such largess.
Rather
amazingly the vast majority of these options vested after the "confronting loss" which amounted to a write down (management timed) of the International fleet in FY14.
Amazingly, the options gifted at substantive discounts could be exercised at huge upside to the insiders. The pay freeze however stuck.
The underlying issue is that current accounting/tax rules essentially force an Australian airline to keep aircraft for 20 years otherwise they take a financial hit from retiring the aircraft early. It could be argued that by not purchasing more new aircraft now, Joyce is doing future management a very big favour by not lumbering them with ongoing depreciation costs for aircraft that may become obsolete/inefficient in less that the required 20 year life of the aircraft. He is allowing future management the flexibility to purchase the most efficient and suitable aircraft at that time.
They also took a "hit" or rather the employees did in FY14. The pay freezes stuck while the loss disappeared and insiders dined out on the "rebounding share price"
Qantas was asked in FY14 whether changes to depreciation schedules were warranted. Qantas did not consider change necessary. (
www.aph.gov.au)
The current Capital expenditure requirements are increasing; the fleet is aging.
By delaying purchasing new aircraft management also benefit from some supercharged bonuses in the meantime with their resignation occurring just in time for fleet replacement.
Precisely the concern expressed by several analysts.