The story
Compass I was Australia's first low cost airline. It was established following deregulation of the Australian airline industry in 1990. Previously Ansett and the government-owned Australian Airlines had operated under the Two Airlines Policy, which was in fact a legal barrier to new entrants to the Australian aviation market. It restricted intercapital services to the two major domestic carriers. This anti-competitive arrangement ensured that they carried approximately the same number of passengers, charged the same fares and had similar fleet sizes and equipment.
From Wikipedia’s article on Compass Airlines (Australia), shared under CC BY-SA 4.0.4