Virgin Australia’s IPO prospectus outlines $550 million in planned transformation benefits by December 2026. Of this, 5% is expected to come from the Velocity Frequent Flyer loyalty program, with the remainder split between revenue and cost initiatives. Velocity now has 13 million members. Members must now earn 50% of their Status Credits on Virgin Australia-operated flights to qualify for Silver, Gold, or Platinum status from October 1st.