Australia's Qantas said on Wednesday it will close Jetstar Asia, the group's Singapore-based budget airline, as it reels with rising supplier costs, higher airport fees and intensifying competition among low-cost carriers.

Singapore-based budget airline Jetstar Asia will close down at the end of July, its Australian owner Qantas has announced. The low-cost carrier has struggled with rising supplier costs, high airport fees and increased competition from other airlines in the region.