Buried in the Qantas results is the extraordinary upside to come from the predicted explosion of Chinese tourists traveling to Australia, from 1.2 million a year now to over eight million in 2032.
Rival Virgin is well positioned to grab its share of the trade with two Chinese shareholders in the form of airlines HNA and Nanshan.
International travel is obviously benefiting big time from the Chinese boom but on average, once here, the tourists make at least two domestic flights, boosting revenues across the airline.
Overall the airline, with 61% share domestically, is earning 90% of the industry profits, which shows its operating strength.
Qantas CEO Alan Joyce boasted he is making more money than Cathay Pacific, Air New Zealand, Singapore, Virgin, and Etihad combined.
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