The line about FRA only being interested in Coastwatch and other military contracts has been around for a long time. The Australian subsidiary that handles this business is National Air Support. Since its inception, NAS has not exactly set the world on fire with its track record to win new business. While they might have the Coastwatch contract (which expires in the next few years) they have failed to win any major business during FRA’s ownership. NAS relies on NJS for various support aspects such as aircraft maintenance so it would be much more expensive for NAS to go it alone. While tendering for new military contracts, I am sure NAS would advertise in some way that its sister company, which provides support, has a “significant contract with Qantas” quack quack quack. IMHO FRA may be forced to examine its NAS business if it fails to gain significant new business in the next few years (particularly if it fails to renew the Coastwatch contract). As for NJS, if they can reduce its reliance on Qantas for business to much less than existing levels (60-70%), and it continues to turn the required profit, I think FRA will hang onto NJS. Time will tell!