Prime Minister Tony Abbott says he has not seen a specific proposal on the future of Qantas, but wants the airline to be "strong and continuing".
Treasurer Joe Hockey has called for a national debate on whether to loosen the airline's foreign ownership rules after Qantas called for urgent changes to remain competitive.
Mr Abbott said no specific proposal had come forward, but there were some basic principles that should be upheld.
"Qantas is a great Australian icon and the government wants to see a strong and continuing Qantas," he said.
"And what we want to see is a strong and competitive aviation sector here in Australia."
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Asked if one option was for the commonwealth to guarantee Qantas debt, senior Labor MP Anthony Albanese said the opposition would consider any proposal the government put forward.
"We'll wait and see what the government comes up with," Mr Albanese told reporters in Sydney.
"We'd be prepared to consider any proposal the government has.
"The government should consider measures such as perhaps taking a small equity position in the airline."
The shadow minister for infrastructure and transport said Labor's position on Qantas was clear.
"Qantas is an iconic Australian airline. Qantas must remain in majority Australian hands," he said.
Labor doesn't support changes to the Qantas sale act to allow foreign investors to hold more than 49 per cent of the airline.
