My theory..?
International was doing just fine in 2008. It was the major contributor to the record profit attained that year. Enter Joyce and the "Promote Jetstar at all costs," mantra.
So what has happened since then?
* In 2009 Qantas NZ becomes part of Jetstar International, a company that does not actually exists. Pax numbers reports of Jetstar International leap 100% as NZ domestic passengers are counted as Jetstar International passengers. Nowhere is this acknowledged.
*Massive orders for A320's and 787's, none of which are currently slated for mainline but are to be paid from Qantas cash flow. The plan however is for used 787's to go to mainline, once their Boeing supplied free maintenance is used. Nowhere is this acknowledged except in the pronouncements of various execs that "The LCC model doesn't work unless you have new aircraft..".. Now we know why.
* Steadily shrinking profits announced and attributed to Qantas International, even though load factors remain stubbornly high and higher than Jetstar International.
* 8 A380 slated for mainline are effectively cancelled. 747's and 767's are removed from the fleet and not replaced. Joyce states that not one penny will be invested in mainline till it shows a profit. (??!!) This is because all the spare cash is going to paying for 110 A320's for Jetstar.
* Used A330's returned to mainline. The finish of 787 deliveries coincides with the projected "turnaround" of Mainline International. This probably means that the cash flow needed to physically buy the 787's reduces and can be put towards an actual profit. Nowhere is it acknowledged that the "losses" of mainline are actually the cost of buying A320's and 787's for Jetstar.
Or am I being cynical?