Qantas sale 'unrealistic': Alan Joyce QANTAS chief Alan Joyce has questioned whether the Australian public would accept an end to local majority ownership of the Flying Kangaroo. And Mr Joyce says he is sceptical the current federal Parliament would approve reforms that would enable foreign interests to control the flag carrier. His comments came as Treasurer Joe Hockey described the rules governing Qantas' ownership structure as "regulatory handcuffs." Mr Hockey is encouraging debate about whether the rules, which limit foreign ownership of Qantas at 49 per cent, should be overhauled. If left in place, the regulations could restrict the carrier's long term growth, he said. "If Australians want to place regulatory handcuffs on Qantas then we need to accept that that will come at a cost," he said. The Qantas Sales Act was introduced when the airline was privatised in 1992. Qantas is about 40 per cent foreign-owned. Most of that share is held by two US investment groups. Mr Joyce wrote to his 30,000 staff questioning whether an overhaul could happen. "It's unclear if the Australian public would support these changes," he said. He added: "We don't think it is realistically achievable in the current Parliament." Opposition Leader Bill Shorten said Labor believed the rules should stay in place. "I believe the national carrier is an important part of Australia's national security, it's an important part of Australia's independence," he said. Qantas shares jumped 3.8 per cent yesterday in their biggest rally since early October, closing at $1.225.