Qantas has announced plans to buy eight is to buy eight Boeing 787-9 Dreamliners for international routes.
The order was confirmed as the airline unveiled a dramatic turnaround in its profitability, posting a net profit of $557m (£260m) for the year to June 30 compared to a $2.8bn (£1.3bn) loss a year ago.
Thanks to a major cost cutting drive and lower fuel prices, underlying pre-tax profit for the year was the best before the global financial crisis at $975m (£454m).
"We are halfway through the biggest and fastest transformation in our history," said chief executive Alan Joyce.
"Without that transformation, we would not be reporting this strong profit, recommencing shareholder returns, or announcing our ultra-efficient Dreamliner fleet for Qantas International."
The Dreamliners will begin to arrive from 2017 and will replace five of the airline’s ageing 747s.
It is expected they will be used on US routes.
Qantas had intended to buy the planes in 2005 but put the order on hold until it has returned to profitability.
The airline will return $505m to shareholders through a 23% share cash distribution.
