Explore the latest developments concerning Qantas cuts domestic.
Qantas cuts domestic flights and raises fares as fuel costs blow out
The airline announced an increase in its fuel cost estimates to up to $3.3 billion for the second half of the financial year. (AAP: Dan Himbrechts)
Qantas estimates its fuel bill could reach up to $3.3 billion due to the ongoing war in the Middle East, more than $800 million above its previous estimate.
The airline says it has reduced domestic flight capacity in May and June, with most cuts on routes between major capital cities.
Qantas say its fuel suppliers and the government continue "to provide confidence in fuel supply for the remainder of April and well into May".
Qantas will cut domestic flights due to higher fuel costs and the uncertainty of the Middle East war, as it flags as much as $800 million in extra fuel costs.
Higher fares, fewer flights: Qantas goes into damage control
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Cancelled flights, $20,000 one-way international airfares, moves to bolster the balance sheet – sounds familiar? Qantas is in the eye of the US-Iran storm as it attempts to use all weapons in its arsenal to blunt a hit of up to $800 million in additional fuel costs.
It has a COVID-esque feel to it without the existential hue, without ghost flights sold to customers or the airline’s passenger service catastrophe. But make no mistake, Qantas is in damage control as its profit is being ravaged by Donald Trump’s Middle East war.
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ASX rises on hope of further US-Iran talks; BHP jumps on China reports
Australian shares advanced on Tuesday, and oil retreated as US President Donald Trump raised hopes for an Iran deal even as a blockade of the Strait of Hormuz took effect.
The S&P/ASX 200 Index rose 44.2 points, or by 0.5 per cent, to 8970.2 at 2.04pm AEST, with six of the 11 sectors stronger.
Asian equities were higher as markets weighed optimism that a US-Iran deal could still be reached despite failed ceasefire talks in Pakistan over the weekend. Sentiment was also supported after Trump said Iran had contacted his administration on potential peace talks, even as the US moved to begin a naval blockade of the Strait of Hormuz in the seventh week of the conflict.
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