Issue for Tiger is the leisure market has gone backwards in the last half. First major declines since 2012. We won’t know how bad it is until full year results. QF were fairly vocal in seeing the same trend but can offset it via other revenue streams. Virgin can’t. Jetstar Domestic is nothing short of bullet proof it seems.
If this leisure revenue had simply moved downwards from VA and QF to JQ/TT then Tiger should only be getting bigger. If Tiger has gone backwards then I’d expect consolidation and Virgin to bring in the Economy Basic bucket like JetBlue.