Changing The Qantas Sale Act Won't Help Us Any Time Soon: Alan Joyce

Alan JoyceA Fairfax Media report says the government will guarantee Qantas debt. (Getty Images/Sean Gallup)

Alan Joyce just said changing legislation that caps foreign ownership of Qantas won’t help the airline in the short term.

Joyce was Speaking at a press conference in Sydney after the airline unveiled a $252 million half-year loss, and 5000 job cuts.

“It could be months, it could be years before that Act changes,” he said. “That’s got to go through the lower house and the upper house.”

While it would be beneficial, any change requires support from both sides of Australian politics.

As Joyce pointed out Labor, as well as Senate power broker and minor party leader Clive Palmer, have voiced their opposition to changing the law.

“This is the worst day for aviation people since the collapse of Ansett,” Opposition Leader Bill Shorten said today.

Prime Minister Tony Abbott earlier said he wanted to change the Act, which is a “ball and chain” around the company, though it looks like Joyce isn’t counting on that any time soon.

However, The Government has also flagged a debt guarantee, which would be a boost after the airline lost its investment grade credit rating last year.

Business Insider Emails & Alerts

Site highlights each day to your inbox.

Follow Business Insider Australia on Facebook, Twitter, LinkedIn, and Instagram.