Qantas has announced it will cut at least 6000 of its 29,000 workers and launch a $1.9 billion capital raising in response to the coronavirus.
The airlines said this morning the move was part of a three-year recovery plan to speed its recovery from the pandemic.
CEO Alan Joyce said the company entered the COVID-19 crisis in better shape than most airlines and had better prospects for recovery than most.
"But it will take years before international flying returns to what it was," he said.
The pandemic had caused a collapse of billions of dollars in revenue for the airline, he said.
Mr Joyce said the airline industry was facing its "biggest crisis" and Qantas had to make "very difficult" responses.
"Many of the 6000 jobs losses we are announcing today are people who have spent decades here," he said.
"What makes it even harder is that before this crisis hit we were actively recruiting. We were gearing up for Project Sunrise. We were getting ready to buy planes.
"Now we're facing a sudden reversal of fortune that's no one's fault - but is very hard to accept."
Mr Joyce confirmed separate to job losses the 15,000 workers already stood down will remain so "for some time".
"Around half of those stood down will be back flying domestically. The remainder =those supporting international flying - will return more slowly."
Mr Joyce said Qantas is continuing talks with state and federal governments over the reopening of borders.
"Because once that happens we can get more of our people back to work."
He said the share sale would raise up to $1.9 billion and strengthen the company's balance sheet and aid recovery.
Australia's flag carrier is increasing domestic capacity to 15 per cent of pre-coronavirus levels following an easing in coronavirus-related social and travel restrictions that had resulted in the airline standing down two-thirds of its 30,000-member workforce in March.
More to come.
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