"the big money has been squandered on joint ventures in Asia"
What are the figures though. I suspect the total amount spent in Asia over the last five years is less than the projected loss for the half.
About $100m for Jetstar Japan that is now flying 17 leased jets
Something similar for Jetstar Asia that is flying 22 jets and was profitable for 2011 and 2012 - albeit small
Some amount on Jetstar Hong Kong as setup costs.
But as all the planes are leased and most services outsourced the $ aren't that high.
Compare it to a single A380 has a current list of US$390m (A$430m) and a B777 of US$320m (A$355m) (admittedly you pay a lot less)
or even the A$110m spent on Brisbane hangar and catering facilities in the last 12 months