If any of you ever win the lottery or have an inheritance from a rich uncle and then visit a good accountant in Australia, they will give you the following advice................"Whinge with the rest of them. If someone whines to you how he is paying 40 cents in the dollar, you say you are too - you don't tell him how to avoid it. If someeone whines about the price of petrol, so do you. You never ever tell anyone how much money you are making or how much tax you don't pay."
The same applies to business, especialy private companies. You will never hear how much money they are making or how good business is, and which markets are the most profitable. All you will ever hear is whinging. It's the same with farmers, if it rains "theres going to be too much grass during the fire season", or "I can't get a tractor into the paddocks". If lamb or wool prices go up "I can't afford to buy stock".
Eddington is just whinging. The returns from airlines, if they are successful, can be spectacular, but like all activities, there is a risk attached, and the risks match the returns because investors are definitely not stupid. The Australian market is NOT a level playing field thanks to Qantas, which has a disproportionate amount of market power thanks to its close links to Government and what remains of its status as an Australian Icon.
Yes there are massive distortions and subsidies all around the world, but the rational approach to their existence is to make use of them and save your money to invest in something else that makes a better return.
For example, Ansett had its re-equipment purchase in 1979 financed by the good old American taxpayer at 3% when cash rates were about 15%. That was a good deal for Australia. If we really wanted our economy to benefit from better air travel, we would open the skies, cut Qantas adrift and let SIA, CX, and everyone else fight for market share and reap the rewards in rock bottom fares.