Diversification by Air NZ’s HVCs is a risk management (and shareholders) will need to consider. It’s not really an option when flying domestically, but has been (and presumably will be in the future, at least on some routes) internationally.

It would be bad for NZ to alienate its HVCs in whatever “new world” emerges and find they do not spend with Air NZ at the levels they did before because they start choosing other airlines instead (as conditions improve and flying becomes practical again).

Until now there has been natural inertia against change for HVCs and for some - and possibly many - a positive commitment to the Air Points programme (despite its flaws) and to Air NZ as our national carrier. If that loyalty is perceived as disrespected, even for good reason, then some HVCs (like me) will choose other airlines and other programmes. The “new” Air NZ will be poorer for that.