I think big money is waiting for this to go sub-50cents...the share price is very experience in terms of risk reward and the government hasn't done any favors to them. Don't get me wrong, Air NZ is a great airline but there is no demand for their product.
People in this forum are getting confused between starting flights and no. of people actually boarding flights. Airlines on average are break even at 65% full, see below. It's highly unlikely that load factor will return to normality in the next 1-2 yrs even domestically due to lack of economic growth and tourism.
AIZ Price at posting:
$1.14 Sentiment: Sell Disclosure: Not Held
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(20min delay)