VA should go back to DJ. Pretty much what Machtuk said.
They established themselves in a LCC type role, and then got handed a nice wedge of the market after AN's collapse. Delusions of grandeur meant they felt they could step up & compete with QF, but their brand & market was already established. Go back to competing with Jetstar & when the bottom line looks better, perhaps look at re-entering the premium market in conjunction with a cashed up partner.
My 2c. (which is frighteningly close to their share price atm)