It's results season, and Qantas, Air New Zealand and Alliance have all posted profits – though the narrative around them is very different. Qantas is slightly down on last year, but still above pre-COVID profits, while Air New Zealand has seen its own profit slashed in half due to economic headwinds – and while Alliance posted the smallest profit in absolute terms, the record high has it celebrating a successful year. Adam and Jake cut through the spin and discuss what the year's results say about how the airlines are really doing. Plus, there's been a lot of buzz in recent weeks about "Koala Airlines" – but are we genuinely going to see a new domestic carrier any time soon?