Official announcements by Australia's Qantas Airways have confirmed that the carrier will be axing first class seats from all but a little bunch of routes, as a part of the post-financial crisis revamp, as earnings for the year's first six months dropped by 72% to $52 Million (33 Million Pounds).

Chief Executive Alan Joyce shared that passengers would now only be able to fly first class between Australia and London, via Singapore, and between Australia and Los Angeles, after demand across most of the routes dropped sharply in the wake of the financial meltdown.

"Our first class product will remain on key routes. It's a re-balance - there are more business class seats and less first class seats", he said.

"The reconfiguration is driven by the longer-term trend of what we believe is happening in demand. The long-term trend in first class has been for a decline. Our seat factor [load] in first class has been below 40pc, so we have plenty of room to cope with all expected future demand", Mr. Joyce added.