• Qantas set to cut 5000 jobs: report

Finance Minister Mathias Cormann has declined to speculate about what assistance the federal government might give Qantas, amid reports the ailing airline could sack 5000 workers.

Qantas is refusing to confirm or deny it will axe the jobs as part of its efforts find $2 billion in savings.

The airline is expected to unveil a half-year loss of up to $300 million on Thursday.

The government is considering support for the national carrier, such as a debt guarantee, after the airline complained the Qantas Sale Act was hampering its efforts to compete against the likes of Virgin.

Asked to respond to the speculation about job losses, Senator Cormann repeated the government’s view that the Sale Act restricting foreign ownership should be amended.

“Beyond that we are currently considering some proposals that were put before us by Qantas,” he told reporters in Canberra on Tuesday.

“When we are in a position to make an announcement we will make an announcement.”