The federal government has abandoned plans for unlimited foreign ownership of the national carrier because it cannot get the changes through the Senate.
It has instead accepted a Labor proposal to increase the caps for foreign investment to 49 per cent but maintain the airline as majority Australian-owned.
Mr Hockey said it was clear it could not succeed with its original plan.
"An alternative was proposed by the Labor Party and we're prepared to accept that to give some stability to the rules governing the ownership of Qantas," he told ABC radio.
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"I'm confident that will pass today."
Reform of the ownership restrictions was sparked by Qantas, who last year complained the existing caps disadvantaged the airline in its fight against rival Virgin.
The Qantas Sale Act currently limits at 35 per cent a combined holding by foreign airlines and 25 per cent by any single foreign investor.
