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Another 15,000 employees will continue to be stood down without pay over the coming months, particularly those associated with its international operations, as the pandemic prevents almost all international travel.
Chief executive Alan Joyce said the decision was painful to make, but also necessary if the airline is to survive the impact of the pandemic.
In a release to the Australian Stock Exchange, Qantas said about 100 of its aircraft would be grounded for up to 12 months, with some for longer.
The airline will permanently retire its remaining six Boeing 747 aircraft six months ahead of schedule, and defer deliveries of new Airbus A321neo and Boeing 787-9 aircraft.
The moves are designed to reduce costs by $15 billion during an expected three-year period of lower activity, and then result in $1 billion per year of ongoing cost savings from the 2023 financial year.
Qantas also announced plans to raise up to $1.9 billion from investors to "accelerate recovery and position for new opportunities".