Queensland Treasurer Cameron Dick says he's serious about saving 5,000 jobs after the airline went into voluntary administration last month, owing almost $7 billion to 12,000 creditors. The state-owned funds management group Queensland Investment Corporation will advise the government on its bid, which could take the form of a direct equity stake, a loan, guarantee or another financial tool. Professor Greg Bamber from the Monash Business School said the Queensland government's bid was a "good idea". "The Queensland Investment Corporation is very experienced and it has substantial resources. Airlines like Virgin Australia should be seen as an essential service," he told SBS News. Flight Centre chief executive Graham Turner has backed Queensland's move, and says there's no reason why two airlines can't be profitable if they are properly run. "I see nothing wrong with it and I think it's probably a very positive thing for Queensland," he told ABC radio. "Regional areas - particularly in Queensland - are also very dependent on having an airline service." However, Professor Bamber said a series of tight conditions would be needed to ensure taxpayers got value from any government bid. The federal government has refused to bail out Virgin Australia, and Deputy Prime Minister and Transport Minister Michael McCormack said the solution must be market, not government, led. Home Affairs Minister Peter Dutton said it's laughable to consider using taxpayers' money to buy an airline in the middle of a global aviation crisis.