The Australian flag carrier's boss says trading conditions are the worst in the airline's 100-year history.
The firm also says around 4,000 of its 6,000 planned job cuts are expected to be finalised by the end of next month.
The global airline industry has been hit hard as travel restrictions have been imposed around the world.
"The impact of Covid on all airlines is clear. It's devastating and it will be a question of survival for many," Qantas Group chief executive Alan Joyce said in a statement.
"Recovery will take time and it will be choppy," he added.