Last week we reported that Virgin Australia would go into administration, and that a last ditch bid for a rescue package would be rejected by the Morrison government. We were right on both counts. We also suggested Alan Joice’s Qantas would benefit from this news. In the short term we were wrong about that, QAN shares fell on the news. Much will depend on whether aviable buyer can be found for Virgin Atlantic, We think it unlikely, and that Qantas will end up with a profitable monopoly.