Qantas on Tuesday warned it was likely to deliver its worst full-year results since listing on the stock market 14 years ago and said it would cut 1,750 jobs over the next few months as the Australian flag carrier tries to cope with the impact of the global aviation downturn.

“We are experiencing significantly lower demand, particularly in premium classes, and considerable price pressures with extensive sales and discounting by all carriers – in some cases leading to fare reductions of up to 50 per cent,” Alan Joyce, who took over as chief executive five months ago, said.