US reaches new trade deal with European Union
An analysis of earnings statements filed with the corporate regulator by five of the biggest US and European drugmakers shows the companies on average pay between 2 per cent and 4 per cent of their Australian sales in income tax.
The numbers may make for uncomfortable reading for drug multinationals as they step up efforts to loosen the PBS' grip on the pricing of key medicines.
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7NEWS
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Koala Airlines to launch in Australia in 2026
A new budget airline carrier will be launching in Australia. Koala Airlines is expected to launch in late 2026 in a bid to break the duopoly Virgin Australia and Qantas have in the local air travel market. The airline says it is going to do things differently compared with other budget airlines that have previously tried — and failed — to break into the market. 'While many new low-cost carriers have entered the market since 1990 and focused solely on offering cheaper fares, almost entirely leading to unsustainable competition, Koala is taking a more innovative route,' it said on its website. 'Our goal is to carve out a unique niche that enhances the industry landscape without disrupting existing standards by creating a lasting impact on the industry.' Carriers which have previously attempted to compete with Virgin and Qantas have particularly struggled on major routes, Flight Centre Travel Group chief executive Graham Turner told Sunrise on Tuesday. He said Virgin was now quite strong financially following its new partnership with Qatar Airlines this year. 'Qantas has had a couple of great years financially as well and replacing a lot of their planes with new planes, so it is going to be a tough market for Koala to break into, there's no doubt,' Turner said. Koala Airlines acquired Desert Air Safaris Pty Ltd — a charter flight and air tours company operating in Australia, Papua New Guinea and the Pacific Island since 1970 — in 2019. However, Koala does not yet have a fleet of commercial passenger jets or the relevant aviation certificate. Turner said this is probably why the airline is not launching until late next year. 'I haven't actually met with them yet. We have a meeting coming up in the next week or so, so I don't know all the details but I presume this is why they're not launching until the end of next year … so that they have time to get these things in play,' he said. Rex and Bonza, budget airlines that have most recently attempted to cement themselves in the domestic market, both entered voluntary administration in 2024. Turner said the Australian market is ready to sustain a third airline, but any competition would need some serious financial backing. 'They will need some investors with very deep pockets, I don't think there's any doubt about that,' he said. 'We've had basically two airlines for as long as I can remember. The Australian domestic market is quite a prolific one. It's a big market, even by world standards. I think Melbourne to Sydney is the fifth busiest route in the world. 'I think they can (succeed) but the financial aspects of the player will need to be very, very strong.'
Perth Now
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- Perth Now
Smelter bailout to fast-track critical mineral capacity
Two Australian smelters will pivot to producing critical minerals in an ambitious modernisation, supported by a taxpayer bailout to protect jobs. The governments of South Australia and Tasmania on Tuesday announced state and federal contributions to the $135 million package for smelters operated by international producer Nyrstar. Combined with investment by Nyrstar, the package allows the company to maintain operations while planning to potentially rebuild and modernise both its Port Pirie lead smelter in SA and its zinc smelter in Hobart. The funding will also help fast-track feasibility studies into critical metals production. The company has blamed its financial woes on China's "market distortion" through heavy subsidies for Chinese companies. Nyrstar will explore the potential production of essential critical minerals including antimony and bismuth at Port Pirie and germanium and indium at Hobart. As Australia's only lead refiner and largest zinc refiner, Nyrstar contributes about $1.7 billion annually to Australia's economy, supporting 1400 direct jobs and 6647 indirect jobs. The critical minerals are considered vital for sectors including defence, clean energy, transport, advanced manufacturing and hi-tech applications. An immediate focus of the package is an antimony pilot plant in Port Pirie, which if successful would make it the only producer of antimony metal in Australia and one of the few producers globally. Antimony is an alloy hardener for other metals in ammunition and critical to manufacturing semi-conductors found in electronics and defence applications. The support will also fund "asset integrity projects" including a major maintenance project in Port Pirie requiring 350 contractors and 90 suppliers, and major furnace and wharf investments in Hobart involving 200 contractors and suppliers. The support demonstrates the strategic importance of Australian operations in "extremely challenging global market conditions", Nyrstar global chief executive officer Guido Janssen said in a statement. SA Premier Peter Malinauskas said it was an opportunity to transform the Port Pirie smelter and secure its long-term future. "The transformation of the smelter into a producer of critical minerals would put our state at the forefront of a global supply chain that is vital to clean energy, defence, and high-tech manufacturing," he said. Independent Tasmanian MP Andrew Wilkie said the survival of the zinc works, along with other facilities like Liberty Bell Bay, Mt Isa and Whyalla, was "central to Australia's economic future and national security". "When it comes to critical minerals and rare earth minerals in particular, Australia is remarkably well positioned to be a globally important supplier." Mining giant Glencore faces similar challenges at its Mt Isa copper smelter and Townsville refinery, and warned it will be forced to put both facilities into care and maintenance mode - risking thousands of jobs - if it does not receive taxpayer assistance.
Perth Now
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Amazon technology tapped for regional broadband boost
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