Coronavirus update: VA slides into VA, NSW heads back to school, ABS reveals under 20s hit hardest in jobs plunge

Even before COVID-19 hit, Virgin had been looking at restructuring following massive losses.

Despite the claims the airline collapse would lead to a monopoly situation, finance minister Mathias Cormann has ruled out any current support for the airline. The minister insists Virgin Australia needs to seek private equity and a market-based solution instead.

Speaking on ABC News Breakfast, Cormann said the Government is “committed to two airlines” moving forward but said the government has not singled out any business to receive support during this time.

“Voluntary administration offers the opportunity to restructure and refocus business and underperforming parts of the business,” he said.

“It offers the opportunity for recapitalisation. It offers the opportunity for private sector interest to come forward and buy the business, or assist with the recapitalisation of the business.”

The move has faced criticism from the leader of the opposition Anthony Albanese. Albanese said Labor is absolutely committed to ensuring there is a viable two airline system in Australia.

Albanese said Virgin is essential in the aviation industry and said Australia relies on domestic aviation, saying we depend on it for tourism, for travel to work and for connection.

With thousands of people now wondering what will happen to their Virgin travel credits and Frequent Flyer points the airline released this via Twitter

There are around 10,000 people currently employed by Virgin and around 5000 contractors.

Treasurer Josh Frydenberg has defended the government’s position, say it is not up to Australians to bailout “five large foreign shareholders with deep pockets, who, together, own 90% of this airline”.

The government has appointed for Macquarie Bank boss Nicholas Moore

NSW Premier Gladys Berejiklian announced students can start returning to school from May 11. The Premier suggested a staggered approach to the return with the hopes that all students will be back at school for term three.

Berejiklian says it will not be school as we know it as many students will initially still be learning remotely but the goal is to have classrooms back to capacity by July 20.

She says NSW schools have been preparing for the roll-out for weeks.

“We’ve made sure we’ve used this time not just to build up our online capacity, in case children, or a proportion of them do need to continue learning from home, but we’ve also made sure we have enough hand sanitisers, soap, and all those things which make a school community feel safe, not just be safe,” Berejiklian said.

To reduce the chance of transmission NSW Education Minister Sarah Mitchell says school drop-offs and pickups will be staggered and lunch and recess breaks will also be run with different groups at different times.

Casual teaching staff have also been promised guaranteed work each week if they were working during the last term.

“For term two, any teacher who has done 10 days in term one of casual teaching, will be eligible to work up to two days per week in our schools across New South Wales,” Mitchell said.

She estimates 7000 casual teachers and up to 3000 school support staff will have work throughout the term two.