Virgin flies past Qantas as Australia’s largest domestic airline

Virgin Australia overtook Qantas Airways to become Australia’s largest and most reliable airline at end 2024, sending a warning to the marquee carrier and supporting a potential return to the stock market. Bain Capital-owned Virgin Australia garnered a domestic market share of 35% as of December, surpassing Qantas’ 34.6%, the competition watchdog said in a report on Feb 18. It is the first time Qantas has been pushed from the top spot since early 2022. Jetstar, the low-cost airline brand owned by Qantas, had 29% of the market. According to the Australian Competition and Consumer Commission (ACCC), Virgin picked up passengers after the collapse of regional carrier Rex in mid-2024, following an ill-fated expansion into capital city routes. Virgin had the busiest December, typically a time of strong leisure demand in Australia, in the airline’s 24-year history, the regulator noted. Bain postponed plans for an initial public offering of Virgin Australia in 2023, and is yet to announce a replacement for outgoing CEO Jayne Hrdlicka. The airline has long struggled to make a dent in Qantas’ domestic dominance.<br/>