Qantas will axe 6,000 workers in a bid to stay afloat through the coronavirus pandemic.
The cuts equate to about a fifth of the airline's workforce prior to the COVID-19 crisis. In March, it furloughed two-thirds of its staff.
Australia's national carrier said the collapse in global air travel had devastated revenues.
Last week, the Australian government said its border would most likely remain closed into next year.
It prompted Qantas to cancel all international flights until late October, except for those to New Zealand.
Chief executive Alan Joyce said the airline expected smaller revenues in the next three years, forcing it to become a smaller operation to survive.
He says the actions they must take will have a huge impact on thousands of their people.
Joyce adds but the collapse in billions of dollars in revenue leaves them little choice if they are to save as many jobs as possible, long term."
He says that Qantas, and its budget subsidiary Jetstar, would continue to extend a furlough for about 15,000 workers as they wait for the recovery they know is coming.
The airline also plans to raise AUD $1.9 billion in equity - its first such move in 10 years - to bring in new funds and help "accelerate" its recovery.
It said other short-term savings will be found in grounding its A380 fleet and deferring the purchase of new planes.
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