Originally Posted by
KRUSTY 34
I think the word we’re looking for here AP is “Projection”.
WRT the $150M you speak of, you may be confusing that with the backing from the Hong Kong based PAG Equity group. The $300M was essentially provided gratis from the Federal Government as a Covid buffer.
KRUSTY, what's your thinking regards the $300 million?
I'm seeing about $156 million by way of government grants and contacts relating to COVID relief finding its way into Rex's coffers.
There were four COVID grants programs established that Rex could access:
- GA75765 Australian Airline Financial Relief Package - fuel excise, and domestic aviation charges rebate.
- GA75931 Regional Airline Network Support - to support the sustainment of aviation services to regional Australia.
- GA75742 Regional Airline Funding Assistance - meant to be "last resort" funding to support regional aviation operators.
- GA192124 Retaining Domestic Airline Capability Program - meant to support the preservation of critical operational capabilities in preparedness for aviation recovery.
The GrantsConnect site contains records for all of those programs. Rex pulled down the following:
GA75765-V1 AAFRP - $3,055,000.00
GA75931-V10 RANS - $80,820,000.00
GA75742-V2 RAFA - $53,862,730.00
GA192124-V1 RDACP - $17,078,688.00
Total Grants - $154,816,418.00
Rex were also able to obtain financial assistance under the Domestic Aviation Network Support program, which the government ran as contracts-for-services, rather as a grant program. The AusTender site provides details of most awarded contracts and values (commercially sensitive and contracts subject to security considerations are excluded). AusTender shows the following contract references and values for Rex:
CN3755157 DANS - $180,956.16
CN3705162 DANS 2.0 - $399,072.96
CN3728444 DANS 3.0. - $395,841.60
CN3824055-A1 DANS 6.0 - $316,673.28
Total Contracts - $1,292,544.00
Total Grants and Contracts - $156,108,962.00
JobKeeper sits on top of that. According to Rex's annual reports they received a total of just shy of
$29.45 million in JobKeeper payments.
That would bring
total government COVID-related support to about
$185.553 million.
All of this comes with the usual caveat that I may very well have missed something here.