Rex does not want to be any of those, QF is a massive corporation that is almost impossible to build up to in todays environment. It's just lucky QF has not had any serious competition since it 'shared' the market with Ansett, which is why many outside airlines have tried to white ant QF with supporting failing airlines such as VA just to drain some revenue from the Roo to stop them competing in Asia. QFs main competitor is itself, in that no one else can really bother them, just their own management tend to get in it's way. Onto VA, you have a basket case within a basket case, it's struggled to know where it fits in the market, it's been propped up by multiple internationals to drain cash from the Australian domestic market so QF doesn't run away with it, and now its in the hands of Bain, with an unknown future. I have to say VAs planes are looking very tired at the moment, some really need a paint, and some other thing showing real signs of restricted cash flow. Are they profitable, who knows, its all behind closed doors, and more importantly are they profitable because they are feeding off whats left or profitable with the means to maintain and build capital to keep operations ahead of the game.