It is the primary subsidiary of Regional Express Holdings, itself predominantly foreign-owned by Singaporean businessman Lim Kim Hai and Hong Kong investment firm PAG.

It came one day after Rex stopped trading on the Australian Securities Exchange (ASX), amid fears the airline could halt all operations.

Rex continues to operate some regional services, which are being funded by PAG Asia[6] and Queensland government[citation needed], despite its administration.

However, in January 2025, the federal government bought $50 million debt from the senior lender PAG in another effort to secure the future of the airline, and supported administrators in again finding a buyer.

[16] This exacerbated an existing problem within the company of not having enough pilots to crew its flights (due to the expansion of larger airlines, especially Jetstar and Virgin Blue),[17][18] and Rex suspended operations out of Brisbane[19] (and from Sydney to Cooma during the summer "low season" for this route to the NSW ski fields)[20] in November 2007.

[24] In June 2020, eyeing the demise of Tigerair Australia, Rex announced interest in expanding into the domestic airline market between Sydney, Melbourne and Brisbane.

It is based in Mascot, New South Wales (a suburb of Sydney) and is a public listed company on the Australian Stock Exchange.

[36][37] This sparked comparisons with Bonza, that had collapsed and later was wound up earlier that year, and calls by the Transport Workers' Union of Australia for government intervention, with Prime Minister Anthony Albanese asking for time and conditions and criticising the company's move away from regional service.

[38] Capital city flights were suspended, with an agreement reached with Virgin Australia to accommodate affected Rex customers between 30 July and 14 August 2024.

However, there has been no specific dollar metric set until the event of cancellation, or say on whether further intervention might be needed to support the business or find a buyer including an outright bailout.

[6] Meanwhile, after an extended investigation into the source of a $500 million debt or possible insolvent trading, the administrators blamed a series of factors principally a pilot shortage and other supply chain issues, ex-staff entitlements and half-empty seats for the collapse.

[45][46][6] It is estimated that the administration of Rex has resulted in about 600 job losses within the company[45] and counting,[46] with the assurance that business is not affected and that the staff are not being stripped right down but in fact were returned to original levels.

[46] On 23 August, the company was granted an extension of the administration by the Federal Court of Australia to 25 November, allowing more time to process and bind expressions of interest but does not intend to use all of it to find a buyer.

[43] On 8 October, it was revealed a YouGov poll suggested high popular demand for further government intervention such as part-nationalisation of the company and setting up a separate industry commission, such as a "Safe & Secure Skies Commission", to reduce fierce monopoly and fair work and consumer affairs violations plaguing the industry.

[50] In November 2024 its administration was extended again to 30 June, with the government finally also in talks of giving the company $80 million and early access to the Fair Entitlements Guarantee.

This has also sparked some opposition from rivals, with the founder of Nexus Airlines Michael McConachy commenting that the sale campaign itself was poor and staggered and a collapse would not affect competition as others can step in and the actually-monopolised routes are few and state-underwritten.

[53] Rex has been criticised for its close political and financial relationship with the Coalition, particularly the centre-right to right-wing National Party of Australia.

[56][57] In 2022, the year the Coalition lost government federally, Rex named a newly delivered 737-800 aircraft after McCormack at the airline's 20th anniversary celebrations.

[59] Threats made by Rex, which in many cases have been followed through, have included temporary or permanent suspension of flights to relevant cities and towns, alleged acts of blackmailing councils, and banning councillors from flying with the airline.

[62][63] The lawsuit, filed by the firm in the Supreme Court of New South Wales, alleges Rex instructed a third party to remove these parts, which included engines and propellers, as well as to scrap the airframes, and profited from the sale of these components.

[65][66] The regulator alleges it was making baseless, disingenuous claims to investors regarding its financial position which also contradicted a massive $35 million profit downgrade forecast.

Prior to its voluntary administration in July 2024, its domestic flights were between Melbourne, Sydney, Brisbane, Canberra, Gold Coast, Adelaide and Hobart.

[94] On 19 November 2019, AAPA purchased ST Aerospace Academy Australia at Ballarat Airport in Victoria, taking it over as a second campus.