Almost 40 years after its rebranding as Australian Airlines – and just over 30 years after its merger with Qantas – a consortium is planning to bring back Trans Australia Airlines, or TAA, with an ambitious plan that would see Rex become the resurrected airline's regional arm.

While Rex's administrator has knocked back Renaissance Partners' dark-horse bid a second time, the firm is not yet giving up on its goal of turning Darwin into a hub for incoming flights from Australia's north – but could it actually work?

Adam and Jake discuss the plan for the new TAA, what it might do for passengers, and whether it could avoid Australia's ever-growing airline graveyard.

Plus, Virgin's IPO finally hits the runway next week, big milestones at Western Sydney International Airport, and why the Air India crash doesn't necessarily spell doom for the Dreamliner.