ALEA - no, ASK's is correct. The 65% represents capacity. Qantas Group will continue to maintain 65% of the market capacity.
Their position is based on the curve, this is the sweet spot. Higher, and there is too much capacity, damaging yields and increasing cost-base. Too less, and capacity won't support demand, provide an attractive (and sustainable) offering for premium traffic. But it it's all mathematic.
Re the offshore ventures; they were never going to make money from start. Start-up costs and market penetration takes years to overcome and return.
The benefit of the ventures is the feeder traffic. That will deliver on-flow to support their operations, in addition to local traffic.
They (ventures) need to grow in order to take advantage of scale, which will then improve their cASK position, and provide a sustainable return. But you need time for this… Typically, it is five years…