Fixed rates really start falling away in June, estimated rates 3.85-4%. It won't be just Bonza feeling the pinch. Rex would be wise to start signing some corporate contracts before the tsunami hits.
Is some early data out that retail sales are trending backwards. That then generally flows over to leisure airline travel. People need to start belt tightening, stop the spending and start saving. Relief for home owners is likely still 18-24 months away.
Market aside, Bonza would have budgeted losses for the first few years so I doubt they are too worried, they know they are in red ink first up regardless. The others are now comfortable as mentioned above, charging unreasonable prices for poor quality service, while exectutives are upgrading KPIs and laughing all the way to the bank while pax luggage goes walkabouts. They need to be held to account for that.