It is very interesting and uncertain times for VA. Sadly it’s endemic mismanagement has unravelled after a long time coming. Stepping back to the late 90’s there were occasions when SQ and ANZ were indeed circling Ansett’s carcass. Both airlines being foreign owned was an issue but both have Government ownership within their respective countries and both have (or had) healthy balance sheets prior to COVID-19. If VA tips over, and it will without a Government bailout, is it possible that either SQ or ANZ will set up operations in Australia? Just a thought. Some foreign ownership rules have been relaxed in Australia over the past 20 years.