Air Australia has ceased flying stranding 4000 passengers and putting 300 employees out of work. The carrier, which was previously called Strategic Airlines, was rebranded in 2011. When flights stopped the fleet of Air Australia fleet consisted of five Airbus A330-200 and A320-200 aircraft which operated regular flights to Bali, Phuket, Honolulu and cities within Australia. Air Australia is the latest in a number of airline failures in 2012 as the high cost of fuel and the pressures of global economic recession continue to bite on an industry where profit margins continue to be very low.