Nephew Bob, if what you were saying is true, then Qantas would have a magnificent Profit before interest and tax, furthermore, considering the age of the Qantas fleet and its leasing arrangements, I wouldn't believe depreciation was much of a problem either.
To put it another way; if it was, you can bet Joyce would be screaming about it from the pulpit.
I also note that Jetstars profits would be even less impressive if the cost shifting between Jetstar and Qantas was factored in, in fact Jetstar wouldn't be making a profit at all.