I think it’s burning more than you think. Rex during last decade only had earnings of around $15m after tax each year.
They've earned far more than that on average, but like a smart business should they have bought up tracts of land and plant and equipment and expanded owned assets to offset profit (reduce tax). As opposed to QF and VA that were selling the farm and outsourcing to prop up fake profits and cashflow. Rex has it's own uni campus and various real estate, including a huge chunk of mascot boundary land, they probably own more around Sydney airport than QF does (since QF sold $650mil wort of land assets to prop up cash flow). As far as the Jets go, I think the Delta connection is the tip of the iceberg this year. I personally think as rates rise further QF is going to start making some big announcements by years end regarding sustainability. As someone said on another thread that the Alliance mob seem to be good judge of when to bug out of aviation, if they now sell out of the QF shares they have swapped for it might be a bad omen...