The Australian Government sold the domestic carrier Australian Airlines to Qantas in August 1992, giving it access to the national domestic market for the first time in its history. The purchase saw the introduction of the Boeing 737 and Airbus A300 to the fleet, though the A300s were soon retired. Qantas was privatised in March 1993, with British Airways taking a 25% stake in the airline for A$665 million.The Hon R. Willis, Answer to a Question without Notice, House of Representatives Debates, 13 May 1993, p.775. After a number of delays, the remainder of the Qantas float proceeded in 1995. The public share offer took place in June and July of that year, with the government receiving A$1.45 billion in proceeds. The remaining shares were disposed of in 1995–96 and 1996–97.Commonwealth of Australia Budget Statements 1996–97, Budget Paper no. 3, p. 3-191. Investors outside Australia took a strong interest in the float, securing 20% of the stock which, together with British Airways' 25% holding, meant that, once floated on the stock exchange, Qantas was 55% Australian-owned and 45% foreign-owned.Ian Thomas, '"Luck" played a key part in float success', Australian Financial Review, 31 July 1995. By law, Qantas must be at least 51% Australian-owned, and the level of foreign ownership is constantly monitored.
