Virgin Australia goes into administration

Wahesh

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No public bailouts. If a company goes arse up another will step in to fill the void, that's how capitalism is suppose to work.
You got a point - Ansett went under VA and Jetstar turned up.
 

NPC83

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You got a point - Ansett went under VA and Jetstar turned up.
Different times mate. The world is crippled at this time due to the pandemic so the Ansett example is not that relevant considering the environment. it will be quite some time before another player enters if VA goes under. Hopefully another Aussie company buys them.
 

Raysie

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How is that ridiculous, 10000 workers = over $50M in wages to Aussie economy each year
The other thing your forgetting is they are not asking for subsidy, it’s a loan so it also needs to be repaid.
You must think the $300B the government is handing out during the the pandemic is a subsidy, do you realise we all need to pay that back. They are not a charity.
If they're worth buying, someone will step up and buy. If it's a dying horse which it seems, then let it die.
 

Wahesh

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If they're worth buying, someone will step up and buy. If it's a dying horse which it seems, then let it die.
That, plus considering they're 90% foreign owned, let them loan the company the money.
 

Spoonman84

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VA were going under long before Corona and it just accelerated it.

They will get bailed out through the government or private investment but it will be a shadow of itself.

The new version of VA will make Tiger and Scoot look like Emirates.
 

GA45

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How is that ridiculous, 10000 workers = over $50M in wages to Aussie economy each year
The other thing your forgetting is they are not asking for subsidy, it’s a loan so it also needs to be repaid.
You must think the $300B the government is handing out during the the pandemic is a subsidy, do you realise we all need to pay that back. They are not a charity.
Another buyer will take over Virgin. They are 5 billion in debt so essentially they have 10,000 jobs that they can’t afford and would cut them anyway if the virus didn’t happen. Im with Morrison let them fall over and let another company come in and pick up the pieces the taxpayer shouldn’t be paying for it.
 

Memberberries

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https://www.abc.net.au/news/2020-04...voluntary-administration-coronavirus/12167814

I'm sure most , if not all of you would've heard about this, it was the top story yesterday.

People are criticizing the Government for not dipping in and saving them. Essentially what it means is that Qantas will be unmatched with competition in our great southern land, and knowing them, fees will be through the roof.

Firstly, the virus has already cost this government billions, and they simply do not have an unlimited bucket of money... they have a budget that they need to stick to.

Secondly, ScoMo said that he will not be giving $1,000,000,000 to save a company that is 90% owned by foreigners... and that's a damn good point. VA is owned by other airlines, including Eithad, Singapore, and 2 Chinese airlines.

View attachment 14585

I respect and somewhat admire Richard Branson, he's the boss that a lot of people would dream to work for, (and I loathe Alan Joyce) but this is not something the Australian tax-payers should bear the brunt of. I stand with ScoMo on this one.
Funny how billionaires don't want to pay tax, but in a crisis situation expect low income earners to give up their tax crumbs to bail em out!
 

Kaz

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Funny how billionaires don't want to pay tax, but in a crisis situation expect low income earners to give up their tax crumbs to bail em out!
Or to avoid paying the tax, they say their business is struggling.
 

Bad Billy

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How is that ridiculous, 10000 workers = over $50M in wages to Aussie economy each year
The other thing your forgetting is they are not asking for subsidy, it’s a loan so it also needs to be repaid.
You must think the $300B the government is handing out during the the pandemic is a subsidy, do you realise we all need to pay that back. They are not a charity.
They were already $5b in debt before the corona virus. what are the odds of them being able to pay back a $1b loan, now?
 

south of heaven

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VA were going under long before Corona and it just accelerated it.

They will get bailed out through the government or private investment but it will be a shadow of itself.

The new version of VA will make Tiger and Scoot look like Emirates.
Jim's airways the ***** into everything else
 

Alan79

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Funny how billionaires don't want to pay tax, but in a crisis situation expect low income earners to give up their tax crumbs to bail em out!
This is where the idea from the ALP to reduce franking credits had value. It would have cut out one avenue for tax breaks for wealthy shareholders. But our media told the story as if it was going to be hitting everyone, particularly retirees on pensions who weren't likely to have a great number of shares in anything. Much like the proposed super profits tax was designed to hit companies such as mining consortiums that are shipping resources overseas while paying little tax. It was sold as the super tax by our media and people thought it was going to hit them in the hip pocket.

Those on low incomes will often vote in favour of policies to protect the wealth of the ultra wealthy when the media are all too happy to spin them in a false light.
 

south of heaven

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Lufthansa may go tits up soon , I think the days of cheap flying will be gone for a long time
 
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