Do we like Virgin Australia?
Australia's second-biggest airline, flying domestic and international routes. Based in Brisbane.
Our score: 6 out of 10. A decent airline and a useful rival to Qantas. We'd back it with some caution, because it has past consumer fines and an unresolved cabin crew fatigue dispute.
Virgin Australia started as Virgin Blue in 2000. It was backed by Richard Branson and run by Brett Godfrey. It went into voluntary administration in 2020, and Bain Capital bought it out of that in a deal that wiped out the existing shareholders.
Bain cut debt and rebuilt the business. Under Bain, EBIT margin rose from 2.9% in FY19 to a forecast 11.1% in FY25, according to Forbes Australia. The Nightly reported that Bain took around $1 billion in dividends and capital returns before the float. Dave Emerson, a Bain veteran, became CEO in March 2025.
The Qatar Airways deal is the biggest recent move. The federal government approved Qatar buying a 25% stake in 2025. Virgin now flies to Doha on Qatar-supplied aircraft and crew, and it wants more weekly Doha flights. That gives travellers more choice against Qantas. Virgin also edged past Qantas in domestic share in December 2024, according to the ACCC.
The past isn't spotless. The Federal Court found Virgin's mobile site made misleading 'drip pricing' fare claims in 2014, and Virgin accepted a $200,000 penalty. That was in 2017, so it's old news, but it shows how they've treated customers.
Right now the worry is staff. In September 2026, reports said up to 30 flights were cancelled when cabin crew called in sick or refused extra shifts. The unions say fatigue and long duty days are the cause. Virgin says talks are proceeding in good faith. Crew are now voting on protected action. That's why we land at a cautious 6.