An extraordinary couple of years for the national carrier. Capital returns, cap raises, fuel tailwinds, fuel headwinds, management working the bags, tumultuous doesn’t do it justice.

Operationally, they seem to be getting back on track. All the things travellers were livid about (wait times, missing luggage, cancellations) are back at pre-pandemic levels.

QAN also tabled this excellent graph on sick leave.

For every ASX company using absenteeism as a reason for missing guidance/consensus this would have been a reasonable demonstration of the basis, at the least. You know it is true, but how true. We’ll, here’s the graph.

Coming to the main point, we see the cyclical recovery from near-zero flying continues.

Oil, fuel, the hit to consumer confidence, all of that still makes buying domestic cycle exposure challenging, or at the least a high risk high return trade, but overall, a strong result.

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Please note that past performance is not a reliable indicator of future performance.

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