Shark Patrol : I despise the leprechaun that tries to run our outfit (into the ground), but at the last Senate hearing he made a valid point. He said that the WORLD'S entire aviation industry will make $6 billion profit this year - that's LESS than just ONE of Australia's four biggest banks. That is insane!!
Does anyone have a reference to this?
Here's the exact quote taken from the Hansard report of the hearings. I have misquoted him slightly in that $6 billion was last year's result - this year's will be worse!!
Mr Joyce : It is fair to say that these restrictions, as we have already said, would be unique to Qantas as an Australian company and would put restrictions on us that no other Australian companies would have to abide by. It seems crazy in one of the most competitive industries in the world.
The total profitability of the aviation industry worldwide last year was $6 billion, which is less than an Australian bank made, and that is for the whole industry. This year it is going to be half of that. To make a profit in this highly competitive industry is to do exceptionally well. To have restrictions on Qantas and have it not able to compete on a level playing field with the rest of the world's aviation is crazy, and it will condemn Qantas to failure.
ParlInfo - Rural Affairs and Transport Legislation Committee : 06/02/2012 : Air Navigation and Civil Aviation Amendment (Aircraft Crew) Bill 2011 Qantas Sale Amendment (Still Call Australia Home) Bill 2011