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Regional Express pleads for more government aid to stay afloat
Regional Express (Rex) says its future is in serious peril with cash reserves only sufficient for the next six months at best.
It withdrew its profit guidance for the rest of the 2020 financial year and has written an open letter to the transport ministry seeking financial aid.
"The crisis we are facing is a national emergency of epic proportions not seen since World War II and is not expected to abate for at least nine months," it wrote.
"Rex warns the government that many of the smaller regional carriers have only weeks of reserves left. If the pandemic continues to grow then impactful actions need to be taken in the next two weeks to prevent irreversible damage."
The federal government responded with $715 million in relief for airlines which waives certain airline fees such as aviation fuel excise, and regional aviation security charges.
Rex welcomed the help but says more is needed.
"Our airlines run on tight budgets at the best of times and these past few weeks have been particularly tough. I’ve been speaking with Australian airline executives every day and will continue to work with them to make sure they receive the support they need," said Deputy Prime Minister, Michael McCormack.
TravelMole Editorial Team
Editor for TravelMole North America and Asia pacific regions. Ray is a highly experienced (15+ years) skilled journalist and editor predominantly in travel, hospitality and lifestyle working with a huge number of major market-leading brands. He has also cover in-depth news, interviews and features in general business, finance, tech and geopolitical issues for a select few major news outlets and publishers.
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