No it won't Percy. Capex is circa only $175m in FY20 and that only moves the average fleet age from a record low of 6.2 years to only 6.9 years, still a full three years younger than the average worldwide fleet age according to IATA which is 9.9 years old.
Surely you and some other naysayers can understand that AIR are in the middle of a major fleet expansion and renewal programme. (please read the presentation that accompanied the investor day presentation so you have a basic grip on the facts). https://nzx.com/companies/AIR/announcements/281646
But I tell you what seeing as some appear struggle with this let me make it simple.
AIR could spend nothing on capex for FY21, FY22, FY23 and their average fleet age would still be less than the average aircraft age according to official IATA data and still running a far bigger fleet than what they were ten years ago, that would be fourteen years ago by 2024.
"There is tremendous potential for free cash flow generation later this decade" Quote Rob McDonald CFO at the analysts briefing that accompanies February 2016 half year profit announcement.
People who are fixated with excess capex really don't even appear to have the most basic understanding about the airline.