By rough calculations, in the next decade, the Qantas Group will need to spend up to $US28 billion to replace its fleet without even growing it. Bear in mind this is based on list prices, to which airlines command significant discounts, though this estimate also excludes any replacement of its A380s.
And that is the same hole Ansett dug itself. This is the main issue with the QF group, with no significant capital partner they have to fund that cost themselves. So small reserves of cash and what looks like good profits pale in comparison with the CapEx required in this industry. AJ looks like he has done a great job, by restricting costs, but this has been at the expense of new equipment. IF like Rex they had in house RnD and maintenance shops capable of extending the life of your prime workhorses, fair enough. But QF outsources most of its maintenance now making older aircraft very expensive to operate. The QF success over the last few years before covid were just smoke and mirrors. Now they really have a fight on their hands moving forward. I do remember a quote from many years ago about new aircraft needing less maintenance so less engineers required, well AJ, the fleet ain't new anymore...