Qantas Disappointed with Qantas Sale Act Decision

Sydney, 13 August 2002

Qantas Chairman Margaret Jackson said today the company was extremely disappointed with today's decision by Cabinet to leave in place the foreign investment limits imposed by the Qantas Sale Act.

"We are disappointed because this decision was made despite our case being detailed, strong and compelling and strongly supported by the investment community and industry analysts," Ms Jackson said.

"We are also disappointed that this issue was caught up in the politics surrounding a completely separate issue - the possible further selldown of Telstra.

"Qantas is both conscious and proud of its status as an Australian icon. However, I fail to see how the national interest will be advanced by denying Qantas the opportunity to access much needed equity capital on a cost-effective basis in order to invest, grow and compete on the lopsided, harsh and unforgiving international playing field."

Issued by Qantas Corporate Communication (2753)