According to the TWU, administrators have said 360 Rex domestic jobs will be made redundant and 250 regional jobs are also facing the axe.

Speaking to ABC Radio National on Wednesday morning, the minister said the airline is “incredibly important” for regional travel but stressed that the government can’t step in and save Rex “at any cost”.

Regional Saab 340 flights are currently unaffected and will continue to operate, while subsidiaries Pel-Air Air Ambulance Services and Australian Airline Pilot Academy also remain outside of administration and under the control of their respective directors.

The six hours of industrial action, which had been slated for Wednesday, will not go ahead, with Ampol making refuellers a better offer after six months of negotiations. The good-faith talks are to continue Friday on “a number of outstanding items”, the union said.