Recalling from memory ...
Compass I, followed by Compass II, followed by Air Australia (Strategic Airlines) and the Melbourne or Essendon based Oz Jet. They all failed and they had lower operating costs and a far less demanding CASA at the time. Pre-loved aircraft, not new off the factory floor with higher lease payments.
Bonza will go the same way; crippling overheads and new aircraft lease payments in times of a faltering economy.