The Irish-born Australian businessman, who in 2015 announced he was joining the Australian Republican Movement, has been appointed a Companion of the Order of Australia (AC) for service to the aviation and tourism industries, gender equity and support of indigenous education.

After a record $2.8 billion loss in 2013/14, Qantas quickly recovered due to falling fuel costs and a major operational overhaul overseen by Mr Joyce, which involved slashing thousands of jobs and freezing wages.

Profit soared 85 per cent in 2015/16 to a record $1.03 billion, with Qantas paying its first dividend in seven years and achieving the best underlying pre-tax profit result in its 95-year history.

Mr Joyce has been handsomely rewarded for reversing the airline's fortunes, receiving almost $13 million in pay and perks for the year to June 2016.

After joining Qantas as chief executive officer and managing director in 2008 from budget airline Jetstar Airways, Mr Joyce guided the national carrier through a capacity war with Virgin Australia and international airlines.

He came under fire when he grounded the entire Qantas domestic and international fleet in 2011, saying he did so to prevent industrial action from killing Qantas.

Last month, Mr Joyce copped a lemon meringue pie in the face while he was speaking at a business breakfast in Perth, with the culprit later revealing he was protesting against corporate support for same-sex marriage.