AVIATION GIANTS FIGHT FOR AIR AS TRAVEL DEMAND PLUMMETS

Description

The financial security and future of the aviation industry is in doubt as demand for domestic and international travel dropped as national and state governments opted to close their borders in the COVID-19 pandemic. In Australia, local airlines were hit hard with Qantas using planes as collateral for a billion-dollar loan and it says Virgin Australia will run out of funds before Qantas does. It caused the companies to take unprecedented action, with Qantas standing down 20,000 workers, despite receiving a huge handout. The aviation industry is bound to look different after the COVID-19 pandemic. As aviation shares plummeted there were growing calls to nationalise airlines, as well as providing government assistance. Professor Greg Bamber from Monash University joined us to discuss further.....