I know there will never be any agreement in this forum about whether ANZ really killed AN or not. But it would be interesting to speculate, whether AN would in any case, have survived in the Australian and/or International market after all the changes and difficulties in the industry as such , and in Australia in particular.
For the sake of this discussion, let's assume that ANZ either never bought into AN, or at most, remained at 50% ownership. Would AN still be flying today? Who knows? Let's look at some points for and against.
FOR: 1) They had Rod Eddington.
2) They had good and dedicated staff, including people at the top.
AGAINST: 1) Very aggresive competitors in QF and Virgin Blue.
2) Much higher cost structure - particularly in people costs - than either of these 2 (including even QF back in those days).
3) A very old, diversified and expensive fleet of aircraft.
What does everyone think?