Qantas boss Alan Joyce says airline doesn’t owe taxpayers anything despite making record profits after receiving $2.7billion handout during Covid – as he’s labelled ‘pioneer of corporate greed’

Alan Joyce has defended Qantas’ decision to keep $2.7 billion in taxpayers’ money despite a record profit.

In the company’s first profitable result since before the pandemic, Qantas announced a record full-year 2023 underlying annual profit of $2.47 billion on Thursday.

Qantas’ record payment has renewed pressure on the company to justify the billions it received in aid during the pandemic under the Morrison administration.

The outgoing CEO faces a Senate inquiry into cost-of-living pressures on Monday after Labor senator Tony Sheldon said this week the aviation boss has transformed Qantas from an “aviation pioneer into a pioneer of corporate greed.” .

Mr Joyce told ABC’s 7.30 program that the government had given $2.7 billion to the airline before defending and splitting costs.

He said $500 million was spent on cargo flights to promote exports, and $500 million on domestic flights to transport drugs between states and help people reach hospitals.

“More than 30,000 flights that we have operated on behalf of the government,” he said.

He then spoke about the most controversial part of the awards: the $900 million awarded to Qantas for JobKeeper.

“We laid off 25,000 people because we didn’t have jobs for them, which went to our people to see them through,” he said.

After tax, Qantas’ statutory profit rose to $1.74 billion, with the company saying its profit margins grew thanks to growing demand for flights, higher airfares and lower operating costs.

Full-year results through June 30 are more than $800 million higher than the airline’s previous record profit in fiscal 2018, when underlying profit before tax was $1.6 billion.

In the company’s first profitable result since before the pandemic, Qantas announced a record full-year 2023 underlying annual profit of $2.47 billion on Thursday.

The millions of dollars in JobKeeper payments are by no means the only thing Qantas is under pressure for.

In December, a federal court ruled that Qantas had violated the Fair Work Act after it outsourced nearly 2,000 baggage and ground handlers during the pandemic to avoid future union action.

Qantas is appealing this decision to the Supreme Court.

The airline also received a class action claim on Monday seeking millions of dollars in compensation for the Qantas customers who never received refunds for money or points spent on trips that were ultimately canceled due to the pandemic.

The airline denies this.

Qantas has also faced sharp criticism for its service in recent years.

The airline is plagued by flight disruptions, delays and cancellations, high ticket prices and lost luggage.

There have also been suggestions of widespread technical malfunctions on the aircraft, which would add to the misery.