SYDNEY -- There isn't much you can buy for one lousy dollar anymore. Even a paddle pop will cost you more.
What you can buy though, is a stake in an airline, albeit struggling, as Virgin has just done in Australia.
Virgin Australia announced it is buying the remaining 40% of low-cost airline Tiger Australia for some shrapnel, after the airline lost $77 million before tax last financial year ending June 30. This transaction will give Virgin 100% ownership and total control of Tigerair, in which the company already owns 60%, which was purchased for $35 million in 2012.
Fear not, Australia, Tigerair will remain flying under the same brand and continue as a low-cost carrier. Virgin has also secured the brand rights to fly Tigerair to a number of short-haul international destinations.
“Given the ongoing subdued consumer demand in the Australian domestic market, the growth of the Tigerair Australia domestic fleet is likely to be reduced," Virgin Australia Chief Executive Officer, John Borghetti, said in a statement. “We remain committed to maintaining the airline’s low cost business model and the separate Tigerair ensuring that we can continue to deliver the most competitive pricing in Australian budget travel."
That's great, John, but what we are really interested in is the one-buck bargain you just secured (granted, we are ignoring the fact you just took on $77 million last year alone in losses).
Life is expensive Down Under. This is what you can get in Australia for one lousy buck:
When McDonald's has a deal, like they did this August, you can get some bun-encased grease for one gold coin.
Sure, you may not have a drive to put it in, but you will sure look old-school cool with this on display in your apartment.
Show off your humorous side with this postcard that has been sitting on the newsagency shelf for a little too long. Shame you won't be able to afford the postage.
Ummm...
A dying airline
So in other words, there is not much you can buy for one dollar. Virgin has got themselves the bargain of the century.
Richard Branson's happiness
To see Branson as happy as in 2004, priceless.
