Rex Regional Express, Australia's third-largest airline, has suspended trading on the ASX amid reports of severe financial distress, losing approximately AUD $1 million per week. The airline, which has not turned a profit since the COVID-19 pandemic, has called in Deloitte for a potential turnaround strategy following significant losses and mounting pressure from competitors Qantas and Virgin Australia. The trading halt, effective until at least July 31, comes just months after the collapse of competitor Bonza, raising concerns about Rex's viability and the impact on regional communities that rely on its services. Prime Minister Anthony Albanese has highlighted the importance of Rex in maintaining connectivity for underserved areas. The Transport Workers Union has expressed solidarity with Rex and is advocating for increased regulatory oversight to prevent anti-competitive practices in the aviation sector. As Rex prepares for a critical announcement regarding its financial situation, the future of the airline remains uncertain.