LOL PT, maybe Joyce had a bad hair day and hair just been forced to sit through his kids school play that didn't go well :)
I had a quick look back through the annual reports to look at gearing over the last 6 years. Its typically been 45-47% range in all those years with the exception of 2014 when it got down to 42.9%.
One of the reasons it got that low in 2014 was the very high $Kiwi so when the accountants crunched the numbers on capitalising their international foreign currency operating leases, which they're required to do under generally accepted accounting principles the $Kiwi translation of same was fairly low. Obviously there's two sides to that coin so that when our currency drops a lot like it did towards the end of FY15 the translation to $Kiwi is materially higher.
Factor in too that they took delivery of 3 new Dreamliner's in FY15 and a host of other smaller planes plus paid advance deposits on more aircraft early to gain additional discounts from Boeing. Further, they paid out a special divvy last year. Gearing was 52.4% as at 30 June 2015. From memory their stated policy is they keep gearing in the 45-55% range.
The other side to this lower $Kiwi is that overseas sales account for approx. 45% of sales so obviously the translation affect of those going forward is better into $Kiwi.
Not trying to talk you into it mate, just setting the record straight and explaining how the capitalisation of overseas leases works and its effect on gearing when translated to $Kiwi.