Qantas鈥 foreign ownership relaxed
Print Edition
The Australian government decided yesterday to relax foreign ownership restrictions on Qantas Airways after the national carrier posted a record half-year loss.
Prime Minister Tony Abbott said his Cabinet ministers had agreed to repeal legislation that prevents foreign airlines from holding more than 35 percent of the airline and any single foreign investor from holding above 25 percent.
The Qantas Sale Act, which became law in 1992 as the state-owned airline was about to be privatized, also mandates 51 percent Australian ownership.
The government could struggle to pass the changes through a hostile Senate, where opposition parties have voiced objections to any reforms that could send Qantas jobs overseas.
Abbott said the Cabinet yesterday ruled out guaranteeing a loan for Qantas. The government had earlier looked at the possibility with the airline.
“I have enormous faith in the ability of Qantas to compete and to flourish, but I think it is best placed to compete and to flourish if it is unshackled and unpropped up by government,” Abbott said.
However, other laws could still curb foreign ownership of the airline.
The Air Aviation Act states Australian-based international carriers have to be 51 percent Australian-owned with headquarters in Australia.
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