In my opinion, yes it does, unless you are a carboard box
In my opinion, it will be a small number of new government owned organisations which will contain the management and senior pilots of current flag carriers.
All items below are my opinion. If anyone thinks otherwise, I don't mind or care. I am only mentioning airlines that fly to Australia internationally and this isn't an exhaustive list. For example, Air Vanuatu
Cathay Pacific is the flag carrier of Hong Kong. Its owned by Swire, Air China and Qatar Airways. Swire and the others move boxes
Singapore Airlines is owned by Temasek holdings, another box chucking organisation. Temasek holdings is owned by the Singaporean government
Atlas, FedEx, UPS and anyone else moving boxes for Amazon will be fine
Emirates is already owned by the government of Dubai through Dubai Inc
QANTAS will muddle through because it arranged loan guarantees from the horse-trailian government and is still majority Australian owned (I have no idea who by, mostly investment houses plus Hello World Travel and Alliance Aviation Servicves) by legislation. It will become profitable again in 2025. Same comment for the longevity of Air NZ. No flag carrier means no tourists.
Etihad and Virgin
Virgin Oz is done. A pilot recently mentioned after the grounding "and they can go to hell too". Virgin is not and hasn't been an Australian company for a very long time. Etihad owns a chunk of Virgin and will suffer from the downfall of the latter but its cargo operation is massive and its also government owned (AFAIK)
American and Delta are going to be very interesting. The market for used airplanes is what it is and they will be accelerating the retirement of a number of older aircraft, mothballing others. Its unlikely they will merge in order to remain viable. One could go.
If United Airlines survives without merging with another airline, I will be very surprised. This is because of all the US based airlines, it moves the least freight.
Regional Express came in for multiple hand-outs from all tiers of government and was only partially successful. That was a really bad look. Rex owner Lim Kim Hai is worth billions so I am guessing he already said "Yeah, nah. No money from me now off you go". Not unlike what the car dealerships experienced when they discovered nobody wanted or could afford a new car. I'm guessing they either asked manufacturers' head offices or were told ahead of time not to ask for financial support. Hence the bleating about being "essential" this or "key" that in order to extort money they otherwise wouldn't get. Rex are still ok flying air ambulance for Victoria and they were (I mean "John Sharp was") very recently trying to import foreign pilots.
Can't have it both ways!