Foreign investors are unlikely to make a rush for Qantas shares even if the government is able to convince the Senate to lift the cap on overseas investment in the national carrier, analysts have cautioned.

Further raising questions about its ability to open its share register to foreign investors, Qantas on Friday quietly shelved plans to apply for separate licences for its domestic and international operations. This plan was seen as a step towards replicating Virgin's move two years ago to allow foreigners to invest in its domestic business.

Airlines are still seen as offering risky returns. Credit: Bloomberg

Qantas said it had pushed the pause button because it needed to focus on the restructure announced last week. Qantas' shares have fallen 11 per cent since it announced last Thursday one of the biggest restructures in its recent history.

''I do not see a big rush of investors queuing up to move onto the Qantas share register straight away,'' Commonwealth Bank analyst Matt Crowe said on Tuesday.