All the JQ/QF arguement in the world may not save the Qantas Group from what is going down in GM right now. Ie:
DETROIT/NEW YORK - The Obama administration has directed General Motors Corp to prepare a new restructuring plan that would pay off bondholders and the automaker's major union in stock in exchange for $US48 billion in debt, people briefed on the plan have said.
The US Treasury, which has provided $US13.4 billion in emergency funding to keep GM operating since the start of the year, has indicated that it could also convert those taxpayer-backed loans into GM stock, the sources told Reuters.
GM, which is working to complete a restructuring that could include a bankruptcy filing, plans to make the new proposals to bondholders and the United Auto Workers union within the next two weeks, the sources said.
Unless the Company can come up with an innovative plan to offsett the havic the GFC will continue to impose on the entire global aviation industry for sometime yet. The aviation policy quote by Ginger is on the money I reckon.
As for Harbison's quote:
QANTAS will no longer exist in its current form if the downturn that is crippling the industry lasts another six months
The words in its current form are most significant.