Qantas CEO Alan Joyce had to symbolically take the fall for the tragic decline in reputation and treatment of customers during and coming out of the pandemic. He was retiring anyway so he resigned two months early. This had basically no effect on him or on the airline, but was played as though he was paying a price, and that this was a moment to turn the airline around.
Now the board has ‘cut his pay’ and has ‘done so retroactively’. But it’s just a smokescreen to continue the government protection racket that dragged down the Qantas experience in the first place.