Qantas CEO Alan Joyce speaks with Ross Greenwood about his new price war

Coming off a record $595 million profit last year Qantas has now posted substantially weaker first-half profits.

The aviation company reported profits of $498 million, down 16 per cent after rises in fuel costs.

In just six months they spent $2 billion on fuel alone.

Qantas CEO Alan Joyce tells Ross Greenwood “our fuel bill for this half went up by $416 million – a very rapid movement and very fast.

“What’s great for the business is we recovered most of that and we still had a $480 underlying profit which is great.”

Mr Joyce says he is also going to take on the monopoly around airport parking prices telling Ross about his latest price war.

“They’re not fair, they’re too high and we need to have a more competitive airport structure in Australia”.

Click PLAY below to hear the full interview