The Morrison government was intent on letting Virgin Australia fall into voluntary administration (while emptily undertaking to prevent a Qantas monopoly in the domestic aviation market) and that's what it got.

Until raising the white flag late on Monday, Virgin’s management led by Paul Scurrah had Ben Gray’s private equity shop BGH Capital combing over its books. Given Scurrah had all but conceded the permanent cessation of its discount brand Tiger and of its international flying, how much more swingeing would PE really be?!