Qantas $1.83 Billion Loss FY20/21
If I was at work, QF kept the money and used it to subsidise my salary as my salary was in excess of Jobkeeper.
If I took no leave and was on stand down I got the full amount and QF got nothing.
Jobkeeper was a massive fillip to employers as they kept most of it, unless their staff were on unpaid stand down in which case it was handed directly to the employee via payroll. Provided they had the cash, the best outcome for employers at the time was that staff were stood down but taking their leave to supplement their income as they were getting vast quantities of leave liabilities off the books subsidised heavily by the federal government. Nice work if you can get it.
Last edited by DirectAnywhere; 26th Aug 2021 at 13:23.
Yeah, so if I was getting paid an amount for a fortnight's annual leave that I opted to take when I was stood down, QF used the 1500 reducing to 1200 then 1000 to subsidise that and had to pay me the rest, so they saved up to $1500 for the fortnight. That's an employee entitlement which the company would have to fund if it went bust tomorrow so the government subsidised my leave.
If I was at work, QF kept the money as my salary was in excess of Jobkeeper.
If I took no leave and was on stand down I got the full amount and QF got nothing.
Jobkeeper was a massive fillip to employers as they kept most of it, unless their staff were on unpaid stand down in which case it was handed directly to the employee via payroll.
If I was at work, QF kept the money as my salary was in excess of Jobkeeper.
If I took no leave and was on stand down I got the full amount and QF got nothing.
Jobkeeper was a massive fillip to employers as they kept most of it, unless their staff were on unpaid stand down in which case it was handed directly to the employee via payroll.
Lots, mainly operational staff as I'm sure you're aware, but many of them were taking leave, and many staff weren't stood down. So, for those staff not stood down, if their salary was greater than 1000-1500 per fortnight, depending on the value of Jobkeeper at the time, QF kept the lot and paid those staff not stood down as normal.
Those staff taking leave had the cost of their leave to QF subsidised.
I'm not saying QF got the entire 588 million but they would have kept a pretty fair chunk of it and it's a falsehood to suggest that it went "directly in to the hands of employees".
Those staff taking leave had the cost of their leave to QF subsidised.
I'm not saying QF got the entire 588 million but they would have kept a pretty fair chunk of it and it's a falsehood to suggest that it went "directly in to the hands of employees".
Last edited by DirectAnywhere; 26th Aug 2021 at 13:57.
Lots, mainly operational staff as I'm sure you're aware, but many of them were taking leave, and many staff weren't stood down. So, if their salary was greater than 1000-1500 per fortnight, depending on the value of Jobkeeper at the time, QF kept the lot and pad staff not stood down as normal.
I'm not saying QF got the entire 588 million but they would have kept a pretty fair chunk of it and it's a falsehood to suggest that it went "directly in to the hands of employees".
I'm not saying QF got the entire 588 million but they would have kept a pretty fair chunk of it and it's a falsehood to suggest that it went "directly in to the hands of employees".
Yeah, so if I was getting paid an amount for a fortnight's annual leave that I opted to take when I was stood down, QF used the 1500 reducing to 1200 then 1000 to subsidise that and had to pay me the rest, so they saved up to $1500 for the fortnight. That's an employee entitlement which the company has to fund anyway so the government subsidised my leave.
If I was at work, QF kept the money and used it to subsidise my salary as my salary was in excess of Jobkeeper.
If I took no leave and was on stand down I got the full amount and QF got nothing.
Jobkeeper was a massive fillip to employers as they kept most of it, unless their staff were on unpaid stand down in which case it was handed directly to the employee via payroll. Provided they had the cash, the best outcome for employers at the time was that staff were stood down but taking their leave to supplement their income as they were getting vast quantities of leave liabilities off the books subsidised heavily by the federal government. Nice work if you can get it.
If I was at work, QF kept the money and used it to subsidise my salary as my salary was in excess of Jobkeeper.
If I took no leave and was on stand down I got the full amount and QF got nothing.
Jobkeeper was a massive fillip to employers as they kept most of it, unless their staff were on unpaid stand down in which case it was handed directly to the employee via payroll. Provided they had the cash, the best outcome for employers at the time was that staff were stood down but taking their leave to supplement their income as they were getting vast quantities of leave liabilities off the books subsidised heavily by the federal government. Nice work if you can get it.
If you can scrape by on job keeper why would you take leave? I sure haven't. I'll keep the leave and take the job keeper thank you. Doesn't even come close to the amount of tax that i've paid last year. Different story if you can't make job keeper cover your expenses with kid's etc. I'm fortunate that I don't have that and my partner in a different industry also gets job keeper. I'm sure companies would keep every cent if they could.
Storing up leave is not such a good idea if your company goes bankrupt . A happy medium is what’s required.
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They blew through $1.3 billion of their cash but only added $137 million in interest bearing liabilities. Net debt is up by $1.2 billion to $5.9 billion, which is approaching the upper bound of their target debt range.
They start this current FY with $2.2 billion in cash and $1.58 billion in undrawn facilities for a liquidity position of $3.8 billion, down by only $724 million on the previous year. Not great, not terrible to borrow a line.
Given that revenue was down by $12 billion last FY they've managed this pretty well to date. Given their current position they could certainly manage their way through another year like the last one.
They start this current FY with $2.2 billion in cash and $1.58 billion in undrawn facilities for a liquidity position of $3.8 billion, down by only $724 million on the previous year. Not great, not terrible to borrow a line.
Given that revenue was down by $12 billion last FY they've managed this pretty well to date. Given their current position they could certainly manage their way through another year like the last one.
Seriously, though, thanks for the concise summary and snapshot of QF's financial position.
It sounds great till you scratch the surface , but using up leave can be advantageous as well, more than likely on a lower tax bracket for the year , so leave is worth more in the hand. Paying off any debt faster is a major advantage.
Storing up leave is not such a good idea if your company goes bankrupt . A happy medium is what’s required.
Storing up leave is not such a good idea if your company goes bankrupt . A happy medium is what’s required.
About to run out of AL, LSL at half rate should see me to March 22. Hopefully there’ll be some better news by then.
Last edited by ruprecht; 26th Aug 2021 at 22:37.
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Story here on QF exec payments for FY21: https://www.smh.com.au/national/qant...26-p58mas.html
While the airline will make us wait until September for the full executive pay breakdown, company reps revealed that pay for senior executives over the past financial year was down 70 per cent on pre-pandemic levels. Oh, and annual bonuses had been cancelled. Again. The board took reduced fees while some members of the executive team accepted payment in Qantas shares rather than cash.
