The changes include reducing international capacity by a quarter, cancelling bonus payments for 2020 as well as no salary for its chief executive officer and chairman for the rest of the current financial year.
The airline said it is not possible to provide guidance at this time on the financial impact of the coronavirus.
Qantas board will take a 30 percent reduction in fees.
Group Executive Management will take a 30 percent pay cut.
It will freeze all non essential recruitment and consultancy work.
The airline has decided to cancel the off market buyback announced in February, which will preserve A$150 million in cash.
But, it will still pay an interim dividend of 13.5 cents per share on 9 April.
Qantas Group will further cut its international capacity by almost a quarter for the next six months, following the spread of the coronavirus into Europe and North America, as well as its continued spread through Asia.
The cuts will bring the total international capacity reduction for Qantas and Jetstar from 5 per cent to 23 per cent versus the same time last year and extend the cuts until mid September 2020.
The airline will ask all Qantas and Jetstar employees to take paid or unpaid leave in light of reduced flying activity.
Qantas said it will use smaller aircraft and reduce the frequency of flights to maintain overall connectivity, rather than exit routes altogether.
Accordingly, Qantas has grounded eight of its largest aircraft, the Airbus A380, until mid September.
A further two A380s are undergoing scheduled heavy maintenance and cabin upgrades, leaving two of its A380s flying.
Meanwhile, the airline will temporarily re route the existing Sydney Singapore London return service to become a Sydney Perth London service from 20 April citing strong customer demand for the service.
The airline will delay start of its new Brisbane Chicago route from 15 April to mid September.
Jetstar will suspend flights to Bangkok and reduce flights from Australia to Vietnam and Japan by almost half.
Jetstar's daily Gold Coast to Seoul flight was suspended last week.
In total, 38 Qantas and Jetstar aircraft has been grounded across the international and domestic network.
Qantas and Jetstar will waive change fees for new international bookings made from today until the end of March, if customers change their travel plans.
It applies to travel commencing up to 30 June 2020 and is limited to one free change per customer.
Customers will need to pay any fare difference, the airline said in a statement. ■
A clipper system will move quickly across the northern Plains into the Midwest Friday and the Northeast by Saturday, bringing a wintry mix of rain and snow showers ahead of a sweeping cold front.