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In this episode of The nestegg Podcast, host Maja Garaca Djurdjevic checks in with our three experts to talk through the biggest stories regarding property, superannuation and investing.

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Steve Waters, director of Right Property Group, chats about APRA’s latest move which will see the borrowing capacity of millions of Aussies decrease. He shares if and how the regulator’s decision could impact the market.

Meanwhile, RMIT’s senior lecturer of finance, Dr Angel Zhong, chats about decentralised finance and how it compares to bitcoin.

Lastly, our regular tax and super expert Timothy Munro discusses the importance of a financial adviser amid a raft of changes to super and gives his last-minute tips to Aussies yet to lodge their tax returns.

Have a question for our experts? Get in touch at [email protected] and you might get featured on the next episode.

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Qantas profits nosedive 91%: Here’s what it means for Aussies

By Cameron Micallef

August 20 2020
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Invest

Qantas profits nosedive 91%: Here’s what it means for Aussies

By Cameron Micallef
August 20 2020

Qantas’ profits have fallen 91 per cent as COVID-19-induced border closures hammer the airline’s bottom line.

Qantas profits nosedive 91%: Here’s what it means for Aussies

By Cameron Micallef

August 20 2020
Share

Qantas’ profits have fallen 91 per cent as COVID-19-induced border closures hammer the airline’s bottom line.

In a statement to the ASX, the airline revealed its underlying profits before tax fell to $124 million. Its statutory loss before tax has now grown to $2.7 billion.

Qantas CEO Alan Joyce described the financial impact of COVID-19 as a tough time for the business.

“The impact of that is clear. COVID punched a $4 billion hole in our revenue and $1.2 billion in our underlying profits,” Mr Joyce said.

The financial result has left 6,000 Australians without a job as the airline looks to restructure.

“That’s the sad reality of what the pandemic means for airlines – far fewer employees, at least for a while,” Mr Joyce explained.

“Some carriers are shrinking their workforce by 30, 40 per cent. Some may not survive at all.”

“For the Qantas Group, the job loss figure we’ve already announced is around 20 per cent overall and about 25 per cent at the management level.”

Mr Joyce thanked those who were leaving for their service and pointed to brighter days for the airline in the future.

“We know FY21 will be another tough year. But there is opportunity on the horizon,” Mr Joyce said.

“Hard decisions in the current climate are largely about survival – and also about eventually being able to grow again.

“Coming out of this crisis, we’ll be the only Australian airline that can fly long haul,” Mr Joyce concluded.

Qantas is not paying dividends in order to preserve its cash reserve during the border closures.

On the opening bell, Qantas shares were down 1.6 per cent to $3.70 a share.

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About the author

Cameron Micallef

Cameron is a journalist for Momentum Media's nestegg and Smart Property Investment. He enjoys giving Aussies practical financial tips and tricks to help grow their wealth and achieve financial independence. As a self-confessed finance nerd, Cameron enjoys chatting with industry experts and commentators to leverage their insights to grow your portfolio.