I liked this bit, Senator Edwards buts in, wants to free Joyce and the board to continue on their rampage destroying the place, no idea..
Senator DASTYARI: But you have lost a share price of 50 per cent and you have lost 50 per cent of your market. You are telling me that it is a successful model when you have lost 50 per cent of market cap and 50 per cent of share price—
Senator EDWARDS: That is why we want to free them; that is why we want to set them free, Sam.
Senator DASTYARI: That is what you are saying makes a successful—
CHAIR: Senator Dastyari, allow Mr Joyce to answer.
Mr Joyce: I am saying that if you have a corner shop and a competitor down the road is willing to sell the same product and lose money associated with it, it does not matter how good your corner shop is if that competitor is willing to lose $250 million in the case of Tiger and $400 million in the case of Virgin. That is the dynamic that we are faced with.
Senator DASTYARI: Mr Joyce, if it were in the interests of shareholders for you to resign, would you do so?
Mr Joyce: Senator, I have the support of our shareholders. If I do not have the support of my shareholders, the board and the shareholders—
Senator DASTYARI: No, I am not asking whether you have the support of the board; I am asking whether, if you felt it were in the financial interest of the firm, you would resign.
Mr Joyce: That is the important thing, Senator. The important thing is to have the support of the shareholders, and I continuously meet with our shareholders. We have met with the shareholders in the last few weeks, and they understand the dynamics. They spend more time on this than this committee would.
Senator DASTYARI: Mr Joyce, you are not answering my question.
Mr Joyce: They are the owners of this business. They decide who the management is and they decide who the board is.
Senator DASTYARI: Chair, he is not answering my question.
CHAIR: He is entitled to answer as he chooses. Senator Edwards has the call.