1. Team of investigating accountants to go through the books with a fine tooth comb. Announce to the sharemarket that there is going to be no dividend, lump in every loss and provision known to man and drive the share price into the dirt for a year.
2. No pay cut, but change of remuneration of everyone in the company to include a profit sharing component - and a signifigant component at that. All staff can get options on QF shares as well - but at a signifignant exercise price, say $10 per share.
3. Get every function possible out of Sydney. Its too costly. Run a bidding war with the states (and screw the Federal Government as well) to set up a heavy maintenance base in either Avalon or a green fields site.
4. Outsource everything not directly related to the airlines core competitiveness. The baggage handlers and caterers can have their own company. So can the Engineers. They both get profit shares too and options as part of the Qantas group.
5. Reintegrate Jetstar and Australian into the Main Qantas brand. Stress that a Qantas ticket may cost slightly more but that its better value for your money.
6. In return for a profit share, getting jetstar and Australian fixed, keeping maintenance in Australia and so on, get a complete overhaul of terms and conditions out of everyone in the system and get big savings that way.
7. Since there is now only one Qantas, a whole layer of "group general managers" gets removed, plus anyone else who doesn't have enough to do except make trouble for other people. The new management philosophy is simple. Decisions get made as close to the coal face as possible. Stuff that comes up to me for decision had better be precisely argued on one page (OK use both sides) and it must have your recommendation on what to do as well. Same had better operate at other levels.
8. No Qantas manager ever flies First or business class, its cattle class from now on, like the average customer experiences it. Americans call it "eating your own dog food". That should be enough impetus for a better economy class. The only staff who get business or first class are pilots flying for operational reasons.
9. Rejig schedules to remove any Sydney centric bias, even if it costs slightly more, the goal is to provide as many passengers, International and domestic, with direct flights to their destinations.
10. Invite SIA and Emirates to compete with Qantas, when they arrive, drop fares to match theirs and start an advertsing campaign that attracts so many new tourists and inbound investors to Australia that you and your competitors get overwhelmed by demand and laugh all the way to the bank.
In short, and to borrow it from Google's ten points, "don't be evil"