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The Virgin Australia Group has suspended all international flights from 30 March to 14 June, and will reduce domestic capacity by 50 per cent for the same time period.
Qantas shares held remarkably firm on Tuesday despite the airline announcing it was to cut international capacity by 90 per cent earlier in the day.
Air New Zealand will reduce many of its trans-Tasman services to just two flights a week and has suspended some altogether, despite suggesting yesterday no routes would be axed.
The Australian Airports Association has urged the industry to keep building runways and terminal infrastructure ready for a post-coronavirus rebound.
Qantas and Jetstar will cut 90 per cent of international capacity and 60 per cent of domestic until the end of May.
Virgin and Qantas shares avoided a nosedive on Monday despite one of the toughest weekends the aviation industry has seen.
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