Abbott vows to remove foreign ownership restrictions on Qantas

The Government will look to repeal the part of the Qantas Sale Act which restricts foreign ownership.

The Qantas Sale Act currently restricts overall foreign investment to 49 per cent, ensuring the airline remains majority Australian-owned.

Mr Abbott says Federal Cabinet discussed Qantas for almost two hours this evening and agreed to repeal Part 3 of the Act, removing the foreign ownership restrictions.

However, Mr Abbott says he is not proposing to offer a debt guarantee or line of credit to the struggling airline.

more: Abbott vows to remove foreign ownership restrictions on Qantas

The Government will look to repeal the part of the Qantas Sale Act which restricts foreign ownership.

The Qantas Sale Act currently restricts overall foreign investment to 49 per cent, ensuring the airline remains majority Australian-owned.

Mr Abbott says Federal Cabinet discussed Qantas for almost two hours this evening and agreed to repeal Part 3 of the Act, removing the foreign ownership restrictions.

However, Mr Abbott says he is not proposing to offer a debt guarantee or line of credit to the struggling airline.