There are two ways to profitability. Reduce costs or increase revenue. AJ and his management team have, in my opinion, taken the 'easy' option and chosen to reduce costs in an attempt to return the airline to profitability. By bleating and moaning about the regulatory environment that they are operating in is a pretty weak argument. I hate to bring it up, but look at Air NZ, they operate in a very similar regulatory and labour environment and are also an end of line carrier. Yet they can turn a reasonable profit. There are absolutely no excuses that AJ can give that justify the level of losses forecast. The reason QF is in this situation is purely a result of bad management. Why can they just not admit that they have taken their eye off their core business (QF) and invested too much time and money into off shore JQ operations.