My 2 Cents worth.
In November of 2010, around the time of the Qantas 90th Anniversary celebrations Joyce was quoting the following:
"we now have a strong business" (QF group)
"a sustainable portfolio of businesses which complement each other"
furthermore qantas must "focus on what we can control"
So whats happened since November 2010? EBA negotiations are now open?
The two big costs Qantas can control is labour & fuel.
Labour thru the current round of EBA negoatiations.
Fuel by means of the huge investment in the fleet renewal program. Isn't the figure something like $22US Billion (150 aircraft) over the next 10 years with (more) fuel efficient aircraft.
Meanwhile mainline have spent $140M on lounges over the last 2 years, blown $46M courtesy of the Icelandic eruptions & $400M on reconfiguring the B744 & A380 fleet to name a few.
I can't help but think the current negotiations are part of the QFuture program. If your not aware of the QFuture program it started in 2009 & is a 3 year program aimed at providing Qantas sustainable growth. By means of a $1.5 Billion revenue improvements. Achieving this by increased revenue streams & costs savings across a range of operational & non operational areas.
MC