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“Fuel prices have increased by around 30% since May 2023, including a 10% spike since August. This is driven by a combination of higher oil prices, higher refiner margins and a lower Australian dollar,” the carrier said in a statement.
The company expects a further A$50 million impact due to non-fuel-related foreign exchange changes in the first half of the current fiscal year.
Qantas said it would invest a further A$80 million during fiscal 2024 to address “customer pain points”, as it faces reputational damage after the country’s competition regulator sued it for selling tickets on thousands of already-cancelled flights.
The carrier said its initiative would include improvements to call centre resourcing, more frequent flyer seats, and a review of longstanding policies for fairness.
Qantas said the customer-improvement initiative would be funded from its profit. It reported an annual underlying profit before tax of A$2.47 billion for the fiscal year ended June 30, swinging from a loss of A$1.86 billion a year earlier.
($1 = 1.5528 Australian dollars)
