Qantas Shares Are Up After Joe Hockey Said He Might Save The Company

Photo: Getty Images

Qantas is up more than 4% after Treasurer Joe Hockey said he would probably save the airline.

After earlier touching their lowest point year-to-date, Qantas shares were trading up 4.45% to $1.23.

Hockey has opened the debate on the future of the national carrier, admitting its foreign ownership restrictions are making it hard for the airline to grow.

He also made some interesting comments on radio station 3AW this morning, alluding to some form of taxpayer-funded assistance.

“If Australians understandably say no [to increased foreign ownership of Qantas], we think it should remain not only Australian-owned but Australian-controlled and we need to have a national carrier, and I think there are many good reasons for that as well, then we’ve got to accept we may have to pay a price for that and that’s a burden the taxpayers may have to pick up.”

The comments come after Joyce spent time in Canberra lobbying senior politicians, after writing a letter to the prime minister, in which he said the airline’s future was at stake.

Business Insider Emails & Alerts

Site highlights each day to your inbox.

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