Why are you still comparing Rex vs VA or QF, VA and QF have a massive backlog of credits to process, so bums on seats means absolutely nothing. This is probably why QF and VA have a massive cancellation rate and are combining flights as the revenue came in for them 2 years ago and they are trying to stem losses by putting as many on each flight rather than running flights that are essentially not making any new revenue. Rex allowed refunds early on with light loads anyway, so would have very few credit seats. If Rex is already matching VA on seats on load factors well that is a good thing for Rex, but really says nothing about yields. Rex is obviously on a long game here as are the other players, its not some solo startup like previous entrants, its evolving and being tweaked as it grows with already a few partners and an established regional feeder, which is doing extremely well at present. Everybody is going to have a crunch in the next few years due to crewing issues, assuming the economy doesn't imploded from inflation, and that wont only effect Rex, so who knows what will happen over the next 5 years.