This means that Bonza on NTL-MCY would have to capture around 50% of the pre-Covid total market (all transport modes)
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At a 90% seat factor this implies an average airfare target at a AUD/USD = 0.7 of around A$113 one-way.
So to make NTL-MCY work they would need to capture 50% of the market of all transport modes (including those who drive), and charge $113 average.
Bonza have stated fares of $50 average for short routes.
As for capturing 50% of the market? Good luck.