A write down of assets now is only possibly due to over-valuing of assets in the previous financials. Asset write downs should in theory reflect their true value at each reporting point. $A has been where it is or higher for a while.
The value of a company's assets is part of the value of a business. So an increase in cash position, while the value of your assets has declined by more than a $billion is still a big loss. No point having $1000 more in the bank if the value of your house declines by 25%. However it is spun as "clearing the decks", the value of QANTAS is now $2.8 less than it was.
Heard Geoffrey Thomas on ABC this morning saying that he believes it is brilliant management strategy, and in particular Alan Joyce is a brilliant manager. His selective answering of questions was incredible...he is paid by QANTAS? Certainly seems to be their spokesman.