I don't think Rex would do that, unless it's led by someone really stupid.
Rex flies SAAB carting fewer passengers than a timetabled bus in Sydney. QF VA DJ is not going to fly those planes and go into the pain of servicing them. Rex crafted out a niche market which works well and don't need too much brain power on a day to day basis, why would them join into the fight with those 2 when they could just sit there and eat pop corn?