Spending Money

Qantas (ASX:QAN) will cut costs over the next two years and cancel or postpone orders for 12 narrow body jets. As much as $700 million will be shaved off from expenses due to the slow growth in the domestic market.

Today is OzJet's first day of commercial flights and as of 24 hours ago the fledging carrier had sold some seats for its peak morning and evening flights.

But next week it doesn't have a single booking for flights in the middle of the day.

There are more cabin staff than customers, in fact.

"I'm not stupid - if it's not being supported we'd take a view after six months," is all Mr Stoddart would say on how long he would cover the airline if bookings did not pick up.