Qantas cuts 1,000 jobs and warns of 'immense' challenges The company's share price plunged 14.1pc after the announcement. It comes just a day after Sir Richard Branson has attacked bosses at Qantas, claiming that if it was "better managed" then it would not be in a "financial mess." The British billionaire's outburst on his Virgin website follows Qantas' backing of a plan suggested by Australian Treasurer Joe Hockey that foreign ownership rules concerning the country's flag carrier should be relaxed. Current laws restrict foreign stakes in Qantas to 49pc, with overseas airlines allowed to own just 35pc. Qantas claims this puts it at a disadvantage to rivals such as Virgin Australia, which is not subject to the regulations. However, Sir Richard claimed that the Australian market is more than competitive already. "We began competing with Qantas in 2000 with just two planes and one route," he wrote. Over the last 13 years we have grown the airline to more than 140 planes but flying in Australia has sometimes been akin to having a bleeding competition with a blood bank. Mr Joyce wants "urgent, immediate action" from regulators to ensure his airline grows, despite already sealing a tie-up with Emirates and dominating the Australian market. A Qantas spokesman said: "Qantas thrives on competition, but everyone except Virgin now recognises that the playing field is tipped in their favour. Their battler status is far behind them, thanks to the backing of three government-owned foreign airlines covering their losses. Qantas doesn't have that luxury and yet our customers have never been better served. That's thanks to Qantas staff, who are the people responsible for our record customer service ratings. We're not interested in a slanging match, we're interested in a serious debate about the true nature of the Australian aviation market.