Hmmm! You have tabled some very astute issues Mich.
Nonetheless, just how significantly the points you raise impact on Qantas Mainline, depends very much on how much On & Off balance sheet debit Jetstar Asia and Qantas have on their respective books and which entity guarantees what.
Investment Analysts with access to the annual reports of Jetstar Asia & Qantas should be able to work it out, but why would they, no profit in kicking an already depressed share price and P.E. funds looking to buy a bargain aren’t going to say.