You are a strategy and accounting quality analyst to provide a report for valuation purposes. Use the Qantas 2022 annual report and the Case Study 1 Part A and Part B available at the end of your textbook and relevant media news (especially with regards to the Covid- 19 impact on Qantas/airline industry) to provide a report in response to the following questions. In some of the questions, you may need information from the 2020 and 2021 Qantas annual reports or other airline company information for a benchmark.

1. Using the five forces framework, analyse the competitive forces in the airline industry facing Qantas. Evaluate Qantas's prospects for profitability and growth in the next five years. To support your analysis, use past and current annual reports and relevant news or company disclosures.

2. Discuss Qantas' competitive strategy since 2000 based on Case 1 Part A; discuss whether there have been significant changes in its competitive strategy in 2022, especially facing the current/post-Covid-19 circumstances.

3. What is Qantas' competitive advantage, if any and can it still be sustained in the current/post-Covid-19 situation? The following questions are associated with the steps in the accounting analysis of Qantas 2022 annual report. Using the annual report and with referral to the strategy analysis you have done and the accounting analysis in Case 1 Part B, respond to the following questions: