Qantas (QF, Sydney Kingsford Smith) has cancelled the planned on-market buyback of 18,294,003 ordinary shares valued at AUD95.6 million Australian dollars (USD60 million). The airline announced an AUD400 million (USD251 million) share buyback program in August after a strong rebound in travel demand in the first half of calendar 2022.

However, in an October 7 update to the Australian Stock Exchange (ASX), company secretary Benjamin Elliott confirmed the partial cancellation. The cancellation is occurring under the provisions of ss.257H(3) of Australia's Corporations Act (2001). Since the first share buyback announcement on August 22, the Qantas share price has risen over 15% on the ASX. Qantas said the buyback offered the first return to shareholders since 2019 and followed AUD1.4 billion (USD880 million) of equity raised at the start of the pandemic.

The share buyback program is running through to June 30, 2023. As of October 10, the airline had acquired 20, 035,917 shares under the buyback program. In an ASX filing, the company notes that "Qantas is targeting a buy-back of up to AUD400 million of its ordinary shares. Qantas may, at its discretion, vary the size of the buy-back subject to certain legal restrictions. Qantas also retains the discretion to purchase a lesser value of shares than indicated or no shares at all."