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Qantas CEO says doesn't see short-term changes to Qantas Sale Act

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(Globalpost/GlobalPost)

SYDNEY (Reuters) - Qantas Airways Ltd <QAN.AX> chief executive Alan Joyce said on Thursday that he doesn't expect any short-term changes to legislation known as the Qantas Sale Act that sets restrictions on the Australian carrier's ownership.

"In the short term, we don't see any changes that are likely to occur on that," Joyce said, speaking at a briefing after the airline reported a half-year loss and said it will cut 5,000 job cuts.

Australia's government is drafting changes to the act to lift the carrier's current 49 percent foreign ownership limit, as well as alter restrictions on smaller shareholdings for foreign airlines.

"The issue with Qantas Sale Act is going to be the length of time, it could be months, it could be years before that act changes," Joyce said.

(Reporting by Maggie Lu Yueyang; Editing by Kenneth Maxwell)

http://www.globalpost.com/dispatch/news/thomson-reuters/140226/qantas-ceo-says-doesnt-see-short-term-changes-qantas-sale-act