What QF does with Jetstar Asia, where it effectively owns, funds and controls 100% of the company, but directly owns 49% and loans Denis Choo funds needed for him to "own" 51% of the company, with QF having a series of management and loan agreements with Jetstar Asia ensuring they have full control of the company..... is a more blatant version of what Virgin Australia does with its 3 main airline shareholders. Plus didn't Virgin Blue start off as a 100% British owned airline?
Qantas consolidated Jetstar Asia figures into its parent company P&L - meaning that under IFRS they have demonstrated to the auditors they have management control of the company. They do not consolidate Jetstar Pacific and Jetstar Japan figures.