I think if it came down to the wire the Feds would bail out Qantas but VA would have to be extinct and the rat up against the wall with no options. Qantas still have a few rounds in the chamber and with jobkeeper and the vast majority of government funding under the government scheme for flying compared to VA they have time, As has been mentioned before once the VA outcome is known so to will be the size of the cuts required. I don’t think you can go past AirNZ for a good litmus test of the future.