Regional Express (ASX:REX) obtain Commonwealth funding

Company News

by Rachael Jones

Regional Express (ASX:REX) has today signed a Commonwealth Grant Agreement under the COVID-19 Regional Airline Network Support (RANS) program.

Under the program, regional airline carriers will be provided assistance to maintain a minimal weekly schedule to regional and remote ports.

The RANS program will provide funding for up to six months with an initial approval for six weeks.

Under the Grant Agreement, Rex will receive funding to operate 1-2 return services a week to most destinations on the Rex network.

Three of the State Governments, being Queensland, Western Australia and South Australia, have also committed to funding additional services on top of what the Federal Government package is providing.

Shares in Regional Express (ASX:REX) are trading 1.2 per cent higher at 85 cents.
 

Rachael Jones

Finance News Network
Rachael comes to FNN after working for Fairfax Media covering international breaking news, including the global economy and politics. She joined FNN in February 2018. She has reported on Australia’s finance news for various organisations since 2000 and has also interviewed a number of key business players, including Bill Gates. Rachael has also worked across a number of countries, including the UK and the US.