Cheapest economy airfares more than doubled on some routes after collapse of Rex flights [Yahoo! Finance Canada]
QANTAS AIR LTD S/ADR NEW (QABSY)
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Source: Yahoo! Finance Canada
The average domestic airfare increased by 13% after the collapse of Rex flights between capital cities, the consumer watchdog has found, as Qantas and Virgin's duopoly surged to 98% market dominance. The Australian Competition and Consumer Commission (ACCC) found that since Rex suspended operations across 11 routes and entered administration, the average airfare on all major city routes increased by 13.3% in the quarter to September. The average cheapest economy tickets increased dramatically on routes formerly serviced by Rex: Adelaide-Melbourne jumped 95% to $296; Melbourne-Gold Coast was up 70% to $432; and Canberra-Melbourne rose 54% to $298. Four operators competed on the Melbourne-Gold Coast route before low-cost carrier Bonza's collapse – now just two remain. The price index for best discount airfares also rose sharply on several holiday routes, with Canberra-Gold Coast tickets rising 171% over the quarter to $490; Brisbane-Hamilton Island up 122% to $871; and Cairns-S
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