That’s a bit rude

So this morning I see in the internal news briefing that I’ve been quoted all over the place commenting on the Qantas loss that got announced yesterday.

Except that I haven’t. So how to explain the anomaly?

It turns out the media have lifted quotes from an article I wrote in February.

While my opinion hasn’t changed much it still strikes me as being a bit naughty.

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29 Responses to That’s a bit rude

  1. Andrew

    Frightfully unusual behaviour by the meeja – normally they would simply make something up.

  2. Bruce of Newcastle

    Hordes of unpaid work experience journo students are Googling frantically even as I write.

    Got to keep them costs down.

  3. Badjack

    Shows you how popular you are and how lazy journalists are.
    Why didn’t the media barons (owners) tell the academics when they started uni courses for journalism that the graduates would still have to “learn the art” on the shop floor doing the hard yards. All we have now among the less aged among them are scribblers who think their opinion is important.

  4. Is the situation at Qantas any different to Telstra when Sol Trujillo was in charge?Things improved when he left-but I fear it may be too late at Qantas.

  5. H B Bear

    The future of journalism – work experience kids and Google.

  6. .

    Qantas seem to be in good shape now.

    More foreign investment, an ability to sack fat lazy union grubs…cashed up and with an ability to pay higher dividends into the future, recapitalising and restructuring of the balance sheet and business…

    I dare say Joyce cops shit merely because he is a foreigner.

    What did Trujilo do wrong? He set up the 4G network.

    I don’t get why CEOs are expected never to make capital investments or cut costs, only preside over high dividends and unsustainable stock prices.

  7. Baldrick

    Joyce is doing okay.

    Take out the one-off write down of $2.6 billion, from an ageing fleet, bought before Joyce’s time in the Chair, when the Aussie dollar was a lot stronger, and you find Qantas made a pre-tax loss of $650 million.

    Too many homophobic unionists want to sink the slipper before they know the facts.

  8. Gab

    While my opinion hasn’t changed much it still strikes me as being a bit naughty.

    and lazy
    and sneaky
    and unprofessional. That’s what most of the people in the media have become.

  9. Rabz

    It turns out the media have lifted quotes from an article I wrote in February.

    So you’re a clairvoyant now?

  10. OIldOzzie

    Yet again the Incompetence of Qantas and JetStar

    Arriving in MEL/SYD on a Qantas Flight, the announcement “if your next is on JetStar you will have to collect your bags from the baggage carousel and re check-in on the JetStar Flight”

    Brought memories of flying from Hobart to Sydney via Melbourne on a QF Booked Flight on QF Flights Numbers for both legs (But JetStar Plane for HBA-MEL) and I had to collect my bags from the baggage carousel in Melbourne and re-check-in on the QF Flight Melbourne to Sydney.

    For God’s sake, I can fly around the World on Multiple Airlines and Interline my baggage successfully on multiple airlines through multiple Airports without having to collect my bags and re-check

    But in an Organisation that owns both JetStar and Qantas, I have to collect my bags and re-check

    No wonder they are losing money and customers

  11. Andrew

    Yet again the Incompetence of Qantas and JetStar

    Picture how happy I was flying to Thailand via KUL on AirAsia to be told that AirAsia Thailand is a “different airline” and they couldn’t check my bags through to TH at SYD, and so I have to collect bags, clear customs and check in again. It was a 7hr layover. At 04:00 am! In the old LCCT which had nowhere to ever sit down except the walls. Dreadful night.

  12. Tom

    I dare say Joyce cops shit merely because he is a foreigner.

    Socially, Joyce is a gay luvvee, right at the centre of the ABC demographic, but, because he runs a legacy business with 30,000 employees, has had to make hard decisions to guarantee his own survival and that of the company, which means getting the union parasites’ hands out of his pockets and wholesale shedding of legacy costs. The political atmosphere is now right to do that; it wasn’t two years ago with a Marxist government in power in Canberra.
    It should be pointed out here that Qantas abandoned its internal efforts to reduce legacy costs when Ansett collapsed in September 2001. As the business travel monopoly until 2011, it was coasting and the shit didn’t really start going down until QF faced its first J-class competition from Virgin. QF is finally serious about shedding legacy costs.
    The only people criticising Qantas this morning are Liars/union scum like Tony Sheldon and other union harpies and Green left knowall dial-a-quote Nick Xenophon.
    In my view, Joyce’s main shortcoming is that he is not an extroverted showman like Geoff Dixon, who understood that customers and staff alike respond to out-there leadership. Joyce is an introverted numbers guy who hides in his office.
    In the end, he’ll be judged on results. He has kept his eye on the main game: costs and product quality/customer experience.
    Doomlord needs to do better than quoting pathological luvvee Qantas-haters like Ben Sandilands to appreciate what’s going on at Qantas.

  13. pete m

    You can now add:

    “Prescient”

    to your CV.

    congratulations!!!

  14. .

    For God’s sake, I can fly around the World on Multiple Airlines and Interline my baggage successfully on multiple airlines through multiple Airports without having to collect my bags and re-check

    It will be alright.

    Joyce is taking on the unions. Barnacles will be scraped off the dinghy. No Boy George jokes please.

  15. Sinc and others,

    One explanation here

    Publishing on the Internet and the disappearance of the role of sub-editors. The author linked edits The Grammophone Magazine in the UK.

  16. outsider

    Leftists will never forgive iron balls Joyce for upping the ante in their famous dispute back in the time of TLS (that sounds good now). Sheldon’s grandstanding effort at the RC only shows what a weak knob he is. Looks more like an old cockatoo these days, with that top comb. On airlines, let’s see how all the Islamist carriers go with no government backing.

  17. While my opinion hasn’t changed much it still strikes me as being a bit naughty.

    Right.
    Your opinion might not have changed but they weren’t to know that unless they asked.
    It may well have.

  18. Alfonso

    Airline no brainer trading happens every 5>10 years.
    Disaster…financial, technical or physical… collapses prices.
    Buy when there’s airline blood on the street, sell when the mardi gras of happy airline investors is at its zenith. (Not really , you’ll never pick the top, always bail early).
    Route protected western carriers always recover.

  19. JC

    Morgan Stanley still doesn’t like them.

    Qantas Airways: Still carrying baggage
    With A$600m of cost-out expected in the coming 12 months, FY15 could be a transformational year. However, consensus is already expecting a A$550mn EBITDA turnaround, raising execution risks. We remain constructive on the cost-out, though we still see risks to the operating outlook. FY14 beat due to fuel: Qantas reported an FY14 underlying group loss of -A$646m (MSe: -A$782m) from +A$186m in the pcp. On our estimates, the beat was largely driven by fuel, which was A$4.5bn vs. guidance of A$4.6bn. Operating conditions were largely in line. Upgrading FY15e – depreciation change: We have made material upgrades to NPAT, largely based on a A$250mn annual depreciation benefit (the result of the A$2.6bn asset impairment). We have otherwise made only small changes to EBITDA over the forecast period. Cost-out on track, pass-through unknown: Management achieved A$204m of cost-out in 2H14, with another A$600mn targeted for FY15 (MSe A$625mn), in line with initial guidance to achieve cumulative cost-out of A$800mn by FY15. We remain constructive on the broader cost-out opportunity, though we still see earnings pass-through as a key unknown factor. Outlook flat, not improving: We continue to see a relatively flat outlook, with capacity still cycling off historic highs on top of an already weak demand and pricing environment. Management remains cautious in regards to the domestic business and Jetstar Asia. Still too early: With P/B now in line with global peers, our historic profitability analysis highlights that Qantas multiple expansion is only likely when EBITDAR margins reach 16%, which we do not forecast until FY17.

  20. Tom

    We remain constructive on the cost-out, though we still see risks to the operating outlook.

    Derrr. There has never been a year when there weren’t risks in the airline operating outlook. As Borghetti said today, business demand (which decides profitability) is strong; only discretionary leisure demand is weak. Having analysed this company for 30 years, I believe the leprechaun will do better than $400m statutory operating profit this year and double or better than that the following year, given the cleanout he’s executing and the political situation, which has reduced union militancy and therefore wage cost pressure. Also JetA1 (30-50% of airline costs) is heading down as US self-sufficiency increases and the potential for world price shocks decreases.

  21. JC

    Tom

    Labor rates are far too high. he may be cutting out the most worthless specimens, however he still has an issue with the cabin staff whose wage structure is still way too high. He can’t get around that while Fairwork dictates pay scales. And this is the problem particularly for the international side. I can’t see how he able to compete..

  22. JC

    And Tom, see the Virgin result? Borghetti jut wiped out the capital given to him by the Emirate. LOl.

  23. .

    And this is the problem particularly for the international side. I can’t see how he able to compete..

    If they are employed elsewhere…

  24. JC

    Dot, yea sure, but you really think the Libs would let him do that? Don’t think so.

  25. Tom

    JC, Joyce has got his operating unit cost disadvantage vs VA down to 13% and will have it down to 5% in three years. As a 14-year-old startup, VA is now doing its first cost-cutting because it is panicking that it is starting to lose the comparative unit cost battle. QF is a miles better product than VA. And VA’s theft of QF’s business travellers has stalled: QF still controls 80%+ of the corporates. The market share war was basically pointless and Borghetti has fucked up big time, IMO. He’s now only talking about how he aims to increase his internal share of corporates vs leisure travellers to 35%; no longer talking about national corporate market share.

  26. Tom

    Bearing in mind VA was started as a low-cost carrier, its unit costs should be a minimum 40% better than Qantas full-service legacy costs. VA has been stacking on unit costs than haven’t seen a commensurate increase in yield.

  27. Tom

    If they are employed elsewhere…

    Politically impossible at the moment.

    Except the dumbass union scum still don’t understand that the 5000 reduction in headcount currently being executed is the minimum price they have to pay for the ludicrous wage rates they extorted.

    Without a government subsidy, there’s no magic money.

  28. stackja

    MSM like to mix up concoctions using various sauces.

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