Australian Consumer Prices – percentage increase 1967-2009
Av. three-bedroom house 5,252 Av. four-door car 1,414 Av. weekly earnings 2,042 Loaf of bread 1,966 Petrol 1,386 CPI 1,058 Sydney-London airfare 44
The price of an average three-bedroom house is 53 times more than in 1967, a loaf of bread is around 20 times more, while a Sydney-London return airfare is only 1.4 times more.
DOMESTIC FARES Prior to October 1990, interstate air services were subject to economic regulation under a Two Airlines policy, with an objective of maintaining two economically viable operators to provide competitive services. In 1981, the Independent Air Fares Committee (IAFC) was established to determine fares to be applied by the airlines. With deregulation in November 1990, 38 years of government control ended, and the airlines were given the freedom to determine capacity, fare levels and route structures. The entry of new competitors into the Australian domestic market over the years has focused attention on fare levels. In real terms, however, yield from domestic air travel has been declining over the past 30 years and, travellers today have access to the broadest and most flexible range of airfares.
SIMPLER FARE STRUCTURES The worldwide industry trend is toward simpler, more customer-friendly and internet-friendly pricing. Qantas changed its domestic and international fare structures in 2003 and 2004 and continues to offer a broad range of discounted fares which provide a more flexible and simple set of conditions. Domestic fares are offered on a one way basis, which provides a greater variety of price options to create more flexible itineraries, while also allowing combination with many international fare types to create competitive total fares.
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Further information and media releases can be found at the Qantas website: qantas.com
September 2010
YIELD MANAGEMENT
YIELD MANAGEMENT Yield management is a practice widely used in the airline, hotel and advertising industries. Each offers a ‘perishable’ product – airline seats (and freight capacity), hotel rooms or advertising time and space. If these are not sold, the opportunity to earn revenue from them is lost forever. For this reason, these industries seek to market their product with maximum efficiency. For airlines, yield managers use widely accepted statistical tools to forecast seat demand, taking into account historical data and seasonal variables. For example, there is heavy demand on domestic routes during weekday peak periods and to leisure destinations during holiday periods, but there may be troughs in demand at other times. Each flight has its own individual forecast. Yield managers look at factors as diverse as economic swings which affect longer-term demand, seasonal schedule changes and changes in aircraft capacity to achieve an optimal mix of fares. In today's environment, and without yield management, airlines would find it more difficult to make a profit and customers would be denied the broad range of fares and services offered.
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