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Government Refuses Debt Guarantee For Qantas But Will Repeal Foreign Ownership Restrictions

The federal government has refused to provide a debt guarantee or a line of credit for Qantas but says it will relax ownership restrictions by repealing Part 3 of the Qantas Sale Act.

Abbott

Amongst other provisions, Part 3 restricts foreign ownership of the airline to 49%. It restricts foreign airlines from owning more than 35% of Qantas. It stipulates that maintenance jobs are based in Australia. The full text of Part 3 is available here in a popup window. [Read more…]