Should Virgin Airlines get Taxpayer Assistance?

Virgin Airlines pays no Tax in Australia.

Virgin Australia has asked the Australian Federal Government for a 1.4 billion dollar bailout to help it through the coronavirus crisis.

Its owners are not prepared to put up their own money, and want help from the Australian Taxpayers.

Virgin Airlines is a ‘Foreign Owned Company’, owned basically by five overseas entities:

  • Etihad Airways (United Arab Emirates) owns 21%
  • Singapore Airlines (Singapore) owns about 20%
  • Nanshan Group (Chinese) owns about 20%
  • HNA Group (Chinese) owns about 20%
  • Virgin Group (British) owns about 10%

Should Australian taxpayers help these foreign businesses?

Both Qantas and Virgin have needed additional finance to cope with the COVID-19 situation that is affecting flights worldwide.

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  • Qantas Airways has raised just over A$1 billion as a 10 year loan from a consortium of domestic and international banks, secured against part of their fleet.
  • Virgin Airlines has asked the Australian taxpayer to put up $1.4 billion to help them out.
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