The Abbott government will need to offer financial assistance to the country's entire aviation industry to level the playing field if it gives Qantas a helping hand, Virgin boss John Borghetti says.

Mr Borghetti said he would be knocking on Canberra's door for the same deal within 24 hours if the government provided ''cash or financial backing or a guarantee of some description'' to Qantas.

Illustration: Rod Clement.

Treasurer Joe Hockey has signalled he will grant Qantas its wish, which would allow the airline to borrow money more cheaply in the future.

Industry experts said if the government guarantee was exclusive to Qantas, it could threaten some of the regional routes. One source said he wouldn't be surprised if Virgin was forced to curb its expansion into regional Australia and pressure other carriers including Regional Express.