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Called The Business, the new cabin will be available on refitted Boeing 777-300ER aircraft that fly to Los Angeles and Abu Dhabi, with one already in service.
Facing flight times of up to 15 hours, passengers will be able to get some shuteye in 37 suites where the seats convert into 80in lie-flat beds, matching the length of a queen-size bed.
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Brisbane-based Virgin Australia has opted for a reverse herringbone cabin layout, featuring a 1-2-1 configuration, to maximise privacy for passengers when they are seated and guarantee direct aisle access.
Passengers can watch films or TV programmes or track the journey on an 18in HD touchscreen â the largest in-flight entertainment screen flying between Australia and North America, said the airline.
If they need to stretch their legs or top up their drink they can head to the on-board bar and lounge, which opens after the meal service and offers a selection of snacks, beer, wine, spirits and hot beverages with petit fours.
Menus have been designed by celebrity chef Luke Mangan and paired with premium wines, with Virgin Australia promising a fine dining experience through a la carte or express options.
New services for Virgin Australia's business class passengers include cocktails and canapes prior to the first meal, continental breakfast at the bar before a full breakfast is served, or the option of eating a full breakfast at the bar instead of a suite.
Every suite has a customised triple-layer seat cushion with a hammock sub-frame, and, when it's time for bed, memory foam mattress toppers and high-grade cotton pillows and doonas.
Each suite has a side console passengers can use for workspace and storage, and a bedside amenity nook where they can keep their electronic devices or books.
Co-founded by Sir Richard Branson, Australia's second-largest airline has overhauled its business class on flights to Los Angeles and Abu Dhabi at a time when it faces increased competition from American and Middle Eastern carriers.
One of the refurbished planes is already flying to Los Angeles. Return flights on that route cost around AUD$9,000 (£4,500, USD$6,500).
Virgin Australia also revealed plans for improvements to its premium economy cabin and a brand new seating category in economy class, called economy space plus, on the same routes to the US and United Arab Emirates.
It said perks for economy space plus passengers include extra legroom, check-in via a dedicated counter, pre-boarding ahead of regular economy travellers, and a guaranteed first meal choice.