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Qantas reported an “incredible year of recovery” with an underlying profit of almost $2.5 billion, according to Sky News Business Editor Ross Greenwood.

“It’s astonishing – after $7 billion worth of losses in the previous three years, and that was around 11 weeks from bankruptcy as the pandemic stopped it flying,” Mr Greenwood said.

“Well, that record profit was driven by its costs and cutting, high loads on its planes and elevated ticket prices – so now Qantas has to deal with the accusations that it's deliberately thwarting competition to keep those profits flying.”