You're listening to a share of these podcast a couple of years back, I think when you had the capital rays that sort of set yourselves up for all of this. Twenty twenty two, you were talking about being app at about ninety percent of COVID levels. By now, yes, it's right nowhere, nowhere near it.
I think we're at about eighty eight of pre COVID levels eighty seven, but at huge cost. All these rented Triple sevens, all these rented engines, a whole bunch of new aircraft that we're paying for in terms of depreciation and invested capital that aren't doing anything. And so while we're close to that level of flying, it's coming at a significant cost burden that what we didn't anticipate.
Be nice to get some tourists too, it would something like what I think I read fifty percent or fifty five percent levels coming out of China compared with pre COVID levels. Obviously that's an industry wide problem, but it's it's it's another one of those levers that any Zeland's already always been quite keen to so pull and support what's going on there.
At a total country level, I think we're at eighty seven eighty eight percent of where we were visitor arrivals pre COVID. But within that number, averages are deceiving. So within that number, actually the US is ahead of where it was pre COVID. It's the exchange rate of US tourists coming to New Zealand now. Actually the exchange rates amazing for all the reasons why it's tough for a key to travel to US at the US at the moment, so US is sitting actually well above where we were
pre COVID. Australia just behind. I think they might be ninety two ninety three percent of where they were, but they're strong to demand out of Australia. So it's one of our best performing markets, as you say or allude to the big gap at the moments out of China market. So we are I think half all very close to half of where we were before.
I think I've read somewhere it's like over five hundred dollars for someone to come here before they've even bought the ticket. Right, there's a huge visa cost, and then you've got that extra visa levy that's been put on for tourism and conservation purposes and instead of pricing ourselves out of the.
I don't think it helps, So I'm not for sure it's five hundred dollars, it's four forty one I think for the visa.
And then the hondy on top and then on top.
So it is expensive us in our Singapore office a couple of weeks ago talking to the team up there, and there's no doubt it's a friction point compared to other countries who have got much lower sort of costs of entry. And I think one of the tough things with the visa is that it's it's a levy that's imposed at the time people are making decisions about where they're traveling. It's not like they've arrived in country can't
do anything commitive, you know. So there's no doubt in my mind that it is influencing where people choose to travel. We are have become a much higher cost destination than we were in the past, still very desirable and we're still getting good and bound tourism, but that is a friction point.
I think, how on earth do you sort of keep turning up with a smile on your face then when it feels this challenge, I mean, you know, Any aircraft that sets out without knowing when it's going to land, where it's going to land is in some real trouble.
Where an airline that's been around for eighty five years, there's a huge amount of pride in the airline. It is an amazing place to work. We've got a lot of people on the staff who have been with the company for twenty years, like me thirty forty. A lot of people on the staff have seen the various ups and downs through the years. People are philosophical. I think
about where we're at in the cycle. We have a good plan going forward, great fleet plan, great product, you know, the wide body fleet at the moment, it's just starting now. We fly the flag offshore lots of different countries, so where one of the country's biggest cheerleaders, and people just get a thrill out of that. And it doesn't seem
no matter how tough the situation is. People we just get that fulfillment and pride out of representing the country as well as we can, and that's what gets people or keeps people going. Investing involves the risk you might lose the money you start with. We recommend talking to a licensed financial advisor We also recommend reading product disclosure documents before deciding to invest.