Originally Posted by
MelbourneFlyer
This morning's diatribe is so misleading it almost qualifies as "fake news".
https://www.airlineratings.com/news/...6-billion-1993
"AUSTRALIAN GOVERNMENT GAVE QANTAS $3.26 BILLION IN 1993"
"The Australian government gave Qantas the 2020 equivalent of A$3.26 billion in 1993 to recapitalise the airline ahead of its float. The actual amount was A$1.35 billion but in 2020 dollars depending upon the measurement criteria that is up to A$5.63 billion."
This was back when Qantas was a
government-owned airline! So yeah, okay, the government gave Qantas money when it owned Qantas. Big whoop. Up next: the Government gave money to Australia Post, or Medicare? GT is really going off the rails with this sensationalist clickbait nonsense which falls apart the moment you read past the headline and engage your brain and actually think. Not that he wants anybody to do that, he just wants people to look at the headline and pump their fists and shout for that billion dollar bail-out. Sad!
Well it was a little more complicated than that Melbourne Flyer. Below is an extract from the history books for those wanting some more reference. Governments and people have very short memories. The arguments of not assisting an essential service due to government policy (which has been necessary of course) are ludicrous. it goes without saying, Australia will be in a worse situation without VA post-COVID-19. Remember, VA are not asking for a handout - it's a loan to provide assurance for their survival.
'Change came swiftly and dramatically for Qantas in the mid-1990s. In June 1992, the Australian government approved Qantas's purchase of 100 percent of Australian Airlines' shares for AUD 400 million; in October 1993, the operations of Qantas and Australian Airlines were merged under a single brand: "Qantas--The Australian Airline." It was also announced in June 1992 that later that year 49 percent of Qantas would be sold through a trade sale, and the remaining 51 percent would be floated publicly during the first half of 1993. Foreign interests were to be allowed to invest up to 35 percent, with the Australian government retaining a "golden share." These plans were soon altered, however, when British Airways in late 1992 stepped in with an offer that was accepted--and completed in March 1993--to buy a 25 percent stake in Qantas for AUD 665 million ($470 million). The move was part of British Airways' push to create a global airline by forming a series of alliances, and it followed previous British Airways deals for 49 percent of TAT of France, 49 percent of Deutsche BA, and 31 percent of Air Russia. British Airways soon added a 25 percent stake in American carrier USAir. Meanwhile, in March 1993 the Australian government pumped AUD 1.35 billion into Qantas to enhance the company's competitive position ahead of privatization.'
Read more: https://www.referenceforbusiness.com...#ixzz6Jk0EKPff