And cutting routes has left capacity for competitors to snap up. The domestic business remains strong - despite a resurgent Virgin Australia - and its frequent-flyer business is worth more than the rest of the group put together. So the potential for asset sales to unlock value and improve the balance sheet - despite repeated assertions from Joyce that the balance sheet is not under sufficient pressure to require a capital raising - is being mentioned as one option to pursue. The decision by Qantas in 2008 to shelve a 40 per cent sale of Qantas Frequent Flyer still pains some, although its earnings since then have been critical for the group. Other potential low-hanging fruit include its freight joint ventures with Australia Post - Star Track Express and Australian Air Express - and its catering arm.