Qantas boss defends profit as senators press on prices

Qantas posted a record underlying profit of $2.47 billion for the past financial year, after it recorded a loss of almost $2 billion the year before.

"There's lots of criticism of corporate profits at the moment, due in large part to the cost of living pressures happening in parallel and we understand that," Mr Joyce said.

"In Qantas' case, we have put a lot of thought and balancing to the needs of those who rely on us and who we rely on."

In his opening remarks, he said the cost of living was a "serious problem".

"Many people are doing it tough," he said.

Grilled on comments made by the Albanese government that it blocked extra Qatar Airways flights to keep Qantas profitable, Mr Joyce said he believed the statement was made about traffic rights.

He defended the airline not doing the heavy lifting of repatriation flights for Australians during the COVID-19 pandemic.

Labor senator Tony Sheldon told Mr Joyce his company was the most complained about in Australia.

"This is one of the most discredited companies ... on its record of complaints and you're saying you deserve every dollar you've received," Senator Sheldon said.

Putting forward solutions to lower ticket prices, Mr Joyce called for a sustainable aviation fuel industry which would reduce emissions and be a huge opportunity for jobs and economic growth.

"It would reduce the impact of big swings in oil prices and and would help bridge a significant gap in Australia's energy independence," he said.

Sustainable aviation fuel was the "most significant tool airlines have to decarbonise".

The outgoing airline boss said increased airport pricing would prove a "major cost pressure" for the Qantas Group.

"The regulatory regime that governs the relationship between airports and airlines isn't working," he told the hearing.

"Dedicated pricing principles drafted to solve this problem have never been formally enshrined, and are typically ignored by airports."

As the government prepares to release its aviation white paper in 2024, Mr Joyce said policies were needed help with efficient resolution of commercial disputes between airlines and airports.

"Australia's monopoly airports are some of the most profitable in the world and ultimately, it's the passenger who pays," he said.

Mr Joyce said it was in Australia's national interest that traffic rights be granted in a "fair and balanced" way so the airline got equal opportunities.

A request from Qatar Airways to the federal government for additional flights to Australia was rejected.

Despite both airlines being members of the Oneworld alliance, Qantas opposed the plan for the extra Qatar flights.

Asked about this decision, Mr Joyce said the airline did make representations to the government, with a letter sent in October last year.

Liberal senator Jane Hume pressed the Qantas boss if airfares would come down further had Qatar been given additional flights.

An inquiry last week was told Qantas was deliberately cancelling flights between cities to stop competition with other airlines.