Qantas has no access to capital, it cannot fund its capital requirements through earnings, it cannot raise capital in Australia, it cannot borrow any more.
It is time to forget about the past, the mistakes, the squandering, everything.
If the Sales Act is not changed there is zero hope for Qantas. It will continue to contract at an increasing rate until it is gone.
If the Sales Act is changed and foreign capital injected, there is no doubt there will be more mistakes and more squandering. But, there is a chance that Qantas will receive a lifeline of capital and survive.
The only thing that needs to be changed in the Sales Act is the foreign ownership restrictions.
Qantas can have up to 49% foreign ownership. So why don't they? Emirates (or any other investor) has every right to buy the same share as what Etihad has in VA, but no one has.
Foreign airlines are only permitted 35% and a single shareholder 25%. If 100% of Qantas domestic and 49% of international could be foreign owned, then it is a new ball game.
Don't believe the VAH, Eithad, Air NZ, Singapore will be a happy marriage either, some interesting times ahead in that boardroom.