Australian flagship airline Qantas is cutting at least 6,000 jobs as part of drastic measures to respond to the global pandemic and the huge drop in demand for travel
) is axing at least 20% of its workforce and intends to raise up to A$1.9 billion of equity under a sweeping cost-saving plan prompted by the coronavirus pandemic.
“We have to position ourselves for several years when revenue will be much lower,” Qantas Chief Executive Alan Joyce said of the three-year plan. “And this means becoming a much smaller airline in the short term.” Australian officials have said the country is likely to remain closed to the vast majority of international travellers until next year.
The cost-saving plan, which along with reduced fuel expenses is expected to save around A$15 billion, marks Qantas’ first equity raising in just over a decade. It also coincides with what was supposed to be a celebratory 100-year anniversary for the airline.
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