Tony Abbott says no rush for decision on Qantas's future Fund manager John Abernethy suggests our taxpayers would be a lot better off if the government subscribed to a convertible note issue that actually paid money. TONY Abbott moved yesterday to take some of the heat out of the debate over Qantas's future, saying there was no need for a quick decision. After Treasurer Joe Hockey last week called for a national debate on whether to lift the airline's foreign ownership rules, the Prime Minister said yesterday that the federal government did not need to rush into a decision on Qantas's financial woes. Although it is not yet thought to have put a formal proposal to the government, Qantas is expected to seek the same kind of government guarantee that was given to banks during the global financial crisis, to help protect it from a cut to its investment-grade credit rating as its losses increase. Mr Abbott said yesterday that there were a number of proposals being publicly debated and he wanted to see how it played out in a careful manner. "The government doesn't have to make a decision today or tomorrow or next week on this," he told reporters. Mr Abbott said the first job of government was to take the burden off businesses, not to prop them up. "This is why it's so important to repeal the carbon tax, because the carbon tax is adding tens of millions of dollars to Qantas' costs," he said. If the Labor Party are fair dinkum about trying to help companies like Qantas, they would not stand in the way of the carbon tax repeal legislation. Hockey to resist stake in Qantas Qantas has argued that the aviation playing field is not level in Australia because its fiercest rival, Virgin, is backed by government-owned or controlled foreign airlines that are capable of pumping money into its coffers. Mr Hockey last week called for debate on whether to loosen rules that prevent foreign investors from holding more than 49 per cent of Qantas. The Treasurer told The Weekend Australian on Friday night that the government was "very, very reluctant to own an airline," indicating that he did not favour suggestions the government inject capital directly into Qantas by taking a small stake in the company. Assistant Treasurer Arthur Sinodinos yesterday appeared to back this view, warning that the government would open a 'Pandora's Box' if it put public money into Qantas. He told the ABC that "Virgin are now saying that if money was put into Qantas they would like to see that money as well." "You do open quite a Pandora's Box when you seek to subsidise one firm as opposed to another in the market place," he said. A downgrade in its credit rating would mean Qantas would pay more for debt and this would impact on its cashflow. In recent weeks Qantas chief executive Alan Joyce has called publicly for curbs on a Virgin capital raising, as well as lobbying government ministers over what Qantas believes is its rival's unfair competitive advantages. While the government recognises that maintaining an investment-grade credit rating was vital to the airline's prospects, a government guarantee is expected to attract opposition from the Treasury.