Agree. The race to the bottom on Airfares is unsustainable. QAN...

Agree. The race to the bottom on Airfares is unsustainable. QAN & Virgin being propped up with Taxpayers money wont last long. Once the subsidies stop and economic reality kicks in the real game will play out. REX comes in from a low cost base. They can tweak the running cost to suite the demand. QAN trying to undermine REX on non profit regional routes wont last, and yes Bain Capitals play on Virgin is a 5 year turn around.
Research Bain Capitals methodology. Even before the impact of the COVID-19 pandemic, Virgin had posted years of losses with debts approaching A$7 billion.Bain has bought Virgin using mostly borrowed money. This debt will most likely, and in large part, be used to front-load dividend payments to Bain. If they cant turn a profit for their investors it will get dumped and broken up... enter REX to pick up the pieces.
Source notes:
https://theconversation.com/cutbacks-may-keep-virgin-australia-alive-for-now-but-its-long-term-prospects-are-bleak-141876