Qantas workers are set to find out how many of them will lose their jobs when Qantas announces a half year loss, even as the federal government is drafting changes to the Qantas Sale Act that would allow it to be majority foreign-owned.

The national carrier warned on Tuesday it would still be making tough decisions to cut $2 billion in costs regardless of assistance.

Qantas, struggling with high debt, is expected to announce a large half year loss on Thursday. It claims the effects of a fare war with rival Virgin Australia and its cost base disadvantage with state-backed foreign rivals, bite into earnings.

The federal government is considering a short-term debt guarantee, as well as repealing the foreign ownership limits, to ease pressure on the iconic airline.

The coalition will need to secure cross-bench support in the Senate to pass changes to the Qantas Sale Act, given that Labor and the Greens oppose any amendments.

The airline’s share price has risen by 16 per cent in the last few weeks, prompting a union call for a regulators investigation into who was profiteering out of the speculation.