A falling Australian dollar and rising interest rates that make debt more expensive will add to Qantas Group’s capital expenditure bill, which is already giant.
Add articles to your saved list and come back to them any time.The bill that outgoing Qantas chief executive Alan Joyce has left his successor, Vanessa Hudson, is an eye-watering $14.6 billion.
Still, with such a large bill for new planes on the horizon, it’s hard to understand why Qantas’ board and management haven’t been more prudent in their capital management by reducing the size of buybacks. In the full-year results Joyce delivered on Thursday, the extent of Qantas’ recovery was evident in the operating margin of its domestic airline group, which is in rude health. Its operating margin – a profit ratio that measures how much profit a company makes on revenue after deducting costs – rose to 18.2 per cent from 12.8 per cent in 2019.The performance of its international business was even better, where its operating margin rose from 4.4 per cent in 2019 to 11.
Given the size of the act and the detail in it, the commission is considering recommending that the chapter governing financial services regulation be removed and put at the end of the act as a separate component known as a schedule, where it could be known as the Financial Services Law. This has happened elsewhere such as in the Competition and Consumer Act, where the Australian Consumer law sits at the end of that act as a separate schedule.
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