The announcement was that they would separate Domestic and International into separate businesses, not separate companies. There is no reason that cannot be done under a single corporate umbrella. Having them report their results separately is commonly done as segment reporting. The consolidated results still roll up, but it gives investors clarity into how the [supposedly different] segments are performing on a standalone basis. Maybe they will separate them into different companies, but I don't think they need to right now.

Personally I think the aim is to show how International loses money as a way of laying the groundwork for some initiative(s) to build standalone profitability in International operations, rather than having Domestic support International and mask its problems. Whether that is fare hikes, partnerships, spin-off and investment, who knows. You can imagine, though, that they can better go cap-in-hand to the government looking for more flexibility if they can show that International loses money. Risk of losing an Australian icon. Public service. Competition. Blah, blah, blah.

I agree with Og, this is all deja vu for those of us old enough to remember TAA.