Bayside Mayor Joe Awada has called on the council to lobby the State Government for higher incentives to keep Qantas in Mascot.
Qantas has confirmed it will shop around for the best financial incentives from states to relocate.
Last August, Qantas group chief financial officer Vanessa Hudson said: "Like most airlines, the ongoing impact of COVID means we'll be a much smaller company for a while.
"We're looking right across the organisation for efficiencies, including our $40 million annual spend on leased office space."
More than 75 per cent of Sydney Airport workers live near the airport in regions such as St George and Sutherland Shire, a 2015 report by Deloitte Access Economics revealed.
Councillor Awada tabled a Mayoral Minute at the October 14 council meeting to urge Council to lobby the State Government for higher incentives to keep Qantas in Mascot.
"Qantas has announced that it may consider moving its headquarters out of Mascot, in a bid to reduce office rental expenses," Councillor Awada said.
"I am advised that Qantas has opened up the location of their HQ to the highest bid from a state government," he said.
"The airline has held the Mascot office space since the 1990s. It would be economically beneficial for our local area and Sydney more generally, if Qantas would reconsider this move and instead entertain the idea of bringing some or all of their facilities together in Sydney, close to the Eastern Economic Corridor.
"Qantas HQ is already here, their flight training centres are already here. It would be a real coup for our local area if Qantas were to re-house their Jetstar HQ from Collingwood in Victoria and while they are at it, relocate their Brisbane based heavy maintenance facility to Sydney - along with potentially 750-plus jobs.
"To make this happen, we need to lobby the State government to provide higher incentives to Qantas to stay in Mascot and grow their investment here in NSW.
"Not only is it in our community's best interest to retain Qantas HQ in Mascot for the benefit of our residents who are employees of Qantas, but also those employees in associated airport industries.
"The opportunity to potentially relocate all of the Qantas facilities together in Sydney is very attractive to Bayside.
"I understand that as a result of the global pandemic, all businesses are looking at ways to reduce expenditure and create revenue to survive this devastating economic downturn."
Councillor Awada urged all Councillors to do what it takes to ensure QANTAS stays with us and grows its business facilities in Bayside.