Another huge blow to the employment sector was revealed when Qantas CEO Alan Joyce announced 5000 job cuts are necessary to keep the business afloat. This announcement drew mixed reactions throughout the nation, as the airline company declared $252 million in losses.

So far, no declaration as to what region will be severely affected by the job cuts, and it can also take time before the company gets to sell off their terminals. The Qantas CEO is set to meet with major union leaders to discuss the plans of cutting 5000 jobs in a two year period, as well as wage freezes until the company recovers.

For a live blog of the details, head to the Sydney Morning Herald website.