News of the losses come as the ‘SaaSpocalypse’ could test the company’s US$65b valuation.
Rex went into administration in June, but was telling investors in February that it was on track for a profit.
Former Bluechip boss received just under A$1.7m for his role in the scam.
The travel industry has welcomed the move, saying it will be good for travellers and enhance competition.
The former Bluechip boss is awaiting sentencing after being found guilty of conspiracy charges in Australia.
Dunedin-born Chris Ellison founded A$6.7b company Mineral Resources, but has admitted to a ‘serious lapse of judgment’.
The regulator issued its first infringement notices and suspended two auditors in the 2024 financial year.
The peak body says it funded the struggling club, not knowing it was insolvent.
Numbers peaked at 420,000 this year but will be cut to 270,000 next year.
The bank regularly holds off-the-record briefings, but that confidence is not always respected.