The two national airlines of Italy and Australia have much more in common than meets the eye. Both are proud national airlines with international reputations which have prospered from increased international air travel and an effective monopoly at their home jurisdictions. However, globalisation of aviation services, along with the recent global financial crisis has placed increased both financial and economic pressure on the two national airlines. The challenges are not unique to Alitalia or Qantas. Aviation is a capital expensive business. Falling airline revenues, rising jet fuel costs, foreign competitors, frozen capital and debt markets and an international recession have all contributed to significant challenges confronting the airline industry.