Health Check: Aroa's ‘hero' product propels the wound management house back into black
New wound management IPO does the rounds for $35 million
Inoviq shares vault up to 58% on early cancer light therapy results
Kiwi-based wounds management house Aroa Biosurgery (ASX:ARX) has exceeded its recent revenue and earnings guidance, after a robust second half on the back of its 'hero' Myriad product range.
Aroa's revenue came in at NZ$84.7 million for the year to March 2025, 23% higher and slightly above the NZ$81-84 million range the company guided to in late April.
Normalised earnings before interest tax depreciation and amortisation (ebitda) were NZ$4.2 million, compared with the previous NZ$3.1 million loss.
Once again, the number was a tad above the guided range of NZ$2-4 million.
Aroa has also guided to current-year revenue of NZ$92-100 million, 10-20% higher year on year, with ebitda of NZ$5-8 million.
CEO Brian Ward stresses the company's 'star product' Myriad has been delivering the goods, with sales up 35%.
Myriad is used for complex wounds including trauma and lower limb salvage.
Sold via Aroa's partner TELA Bio, sales of its hernia and breast reconstruction tool Ovitex rose 22%
Sales of the Endoform wound dressing were flat, as expected.
Expanding indications
Ward said the company would focus on expanding indications for its products, which are biological materials sourced from ovine intestines.
This push is being supported by several clinical studies, such as a lower limb salvage study trial that resulted in quick healing with no complications.
'That's quite different to what we have seen with other technologies,' he says.
However, Aroa has 'paused' the rollout of its Symphony product, for hard-to-heal wounds such as diabetic ulcers.
This is because the company has won inpatient reimbursement in the US, but not coverage for physicians.
The company plans a supportive trial to win full reimbursement.
'The rules are changing and only products with randomised, controlled trials will be reimbursed,' Ward says.
'This will take many rivals out of the market.'
Aroa has product approvals across 50 countries, but almost all its revenue derives from the US.
CFO James Agnew said the US tariff impact on the company was likely to be around NZ$1.5 million, or around 1% of revenue.
Because of transfer pricing arrangements between TELA Bio and Aroa's own US entity, that's far less than the blanket 10% rate Uncle Sam levies on NZ goods.
New wound play does the IPO rounds
Still on wound management, Tetraherix is defying the barren IPO biotech landscape with a $35 million raising to advance its novel tools for applications including tissue healing, bone regeneration and surgical spacing.
Invented by chemical engineer and University of Sydney researcher Dr Ali Fathi, the platform-based tech is the world's first 'biostealth fluid matrix'.
Supplied in ready-to-use syringes, the polymer is injected into the relevant anatomy and sets to a 'chewing-gum' consistency that can be easily moulded to suit the application.
Eventually, the material breaks down into water and carbon dioxide.
Pending expected US Food and Drug Approval, the company hopes to bring its first products to market in the first half of 2026.
These are for dental applications and bone regeneration and orthopaedic uses.
The company also has tools in the pipeline for scar prevention during surgery and a prostate surgery 'spacer' to protect surrounding tissue (such as the rectum) during radiation therapy.
Doing the rounds
Joint lead managers Morgans and Barrenjoey are undertaking the institution round which closes next Tuesday, with a limited retail offering open until June 17.
The company is expected to list in late June.
The shares are offered at $2.88 a pop, amounting to a $155 million market cap and a $115 million enterprise value (allowing for cash on hand).
The founder of 'cloud' accounting software giant Xero, Rod Drury is a notable investor.
Invion lights up on skin cancer trial
The developer of photodynamic therapies (PTDs) for cancers, Invion (ASX:IVX) has passed the initial safety test for its phase I/II non-melanoma skin cancer trial, being carried out in Queensland (of course).
A safety review committee found no 'adverse events' among the first treated patients, who were administered Invion's candidate INV-043 as an ointment.
What's more, 'early indications show an observable reduction in the lesion size after a single treatment cycle'.
Clinician feedback shows patients did not experience any pain during the treatment, 'which compares favourably to currently approved PDT treatments.'
By combining oxygen and light, PTDs are known to kill malignant cells and shut down tumors.
Known about for more than a century, the science is supported by more than 500 trials.
That said, it's been an overlooked area of oncology and Invion is the only listed exemplar.
Invion now is proceeding to the second stage of the adaptive trial, which involves dose optimalisation.
Meanwhile, the safety data will influence the company's upcoming phase I/II trial for ano-genital cancer, in alliance with the Peter MacCallum Cancer Centre.
Known for wild movements, Invion shares soared up to 58% this morning.
Inoviq share freeze highlights disclosure dilemmas
A quirky aspect of clinical results is they are not validated until they are presented in a prestigious peer-reviewed publication, or a conference of luminaries.
Typically, a company will post top-line results earlier and this can lead to investor confusion about what's new and what's merely additional info for the boffins.
On Monday, the ASX suspended share trading in cancer drug developer Inoviq (ASX:IIQ) and queried why the company's shares soared 25%, from 37 cents on Wednesday May 21, to last Friday's high of 46.5 cents.
Inoviq yesterday pointed to an abstract poster presentation for an upcoming American Society of Clinical Oncology (ASCO) conference published online.
This outlined 'the background, methods, results and conclusions underpinning the high-level results' of an independent patient validation study of the company's ovarian cancer test.
The results of the blood test were 'outstanding', with more than 94% accuracy.
Hold the front page!
Okay, let it go: the guts of the results were outlined on December 3 last year – and referred to in subsequent ASX disclosures.
Inoviq says: 'some shareholders may have missed or misunderstood the significance of and may believe the abstract contains new or better information, which is materially price sensitive.'
The company believes that was not the case and did not 'announce' the abstract to the ASX.
Fair enough!
After all, there's nothing more frustrating than companies hyping up presentations that contain no genuine news.
In old tabloid terms it's known as a Bamix job: a beat up.
But like all good tabloid yarns, there's a twist:
Inoviq will present further trial information that is price sensitive, to the ASCO powwow in Chicago on Sunday.
This prezzo is under embargo until that day and Inoviq plans to announce the 'tightly held' information first thing on Monday.
In the meantime, it's best the shares remain untradeable.
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News.com.au
2 days ago
- News.com.au
‘Pursuit of financial gain': Aussie grape company hit with $1m fraud fine
EXCLUSIVE One of Australia's largest grape exporters has been fined more than $1 million after running a 'sophisticated fraud' scheme which risked introducing a new pest to New Zealand. The Grape House, which is Australia's largest exporter of table grapes, was sentenced in the NSW District Court last week after it was found to have breached the biosecurity arrangements between Australia and New Zealand. The court heard how the Department of Agriculture found The Grape House (TGH) had 'deliberately misled government officials' while importing 145 tonnes of grapes to New Zealand across the 2017 and 2018 export seasons. The company declared the grapes were from South Australia and were grown in a 'fruit fly pest-free area'. However, the department found the grapes were grown in various 'non-fruit fly pest-free areas' with the company doing so to avoid the required 16-day cold storage disinfection requirement. There are no fruit flies in New Zealand, unlike Australia. They are considered one of the world's most destructive horticultural pests and pose harm to most commercial crops. District Court Judge Robert Newlinds SC found the company wanted to speed up its 'cash flow'. 'The offending involved a deliberate and sustained manipulation of the system of export, in pursuit of financial gain,' Judge Newlinds said in his sentencing. 'The offending was not spontaneous, rather, it was premeditated, occurred over a long period of time, and involved a significant degree of sophistication and planning.' The court heard how at the time of the offending Charlie Costa was the sole director of TGH and Colin Egan was the Warehouse and Logistics Manager. Mr Costa remains director of the company, however, Mr Egan has moved on from the role due to poor health. The court heard how Mr Egan had signed 'deliberately false' transfer certificates to the department about the grape's origins. Judge Newlinds said there was 'no suggestion' Mr Costa didn't know about Mr Egan's actions and said the director had given 'no evidence that he is remorseful'. 'TGH is a significant participant in the Australian table grape export industry,' Judge Newlinds said. 'Both TGH as a corporation, its sole Director Mr Costa, and Mr Egan had considerable experience in the industry during the offending period and there is no suggestion that what they did was some sort of mistake or momentary slip.' The NSW-based company has been in operation since 1989. Judge Newlinds fined The Grape House a total $1,050,000 and said the offending had put Australia's biosecurity reputation at risk. He said the fact that fruit flies did not make their way into New Zealand as a result of the offending was 'good fortune'. 'The offending risked New Zealand's biosecurity as well as Australia's reputation, which could have, but luckily did not, cause significant financial harm to both the New Zealand and Australian economies and also individual farmers within both countries,' Judge Newlinds said.
The Advertiser
2 days ago
- The Advertiser
Pavlova rivalry 'solved' as Australia and NZ vow closer defence ties
China's assertiveness is pushing Australia and New Zealand's militaries ever-closer, with the Kiwi leader declaring the nation's defence forces should become as "interoperable as possible". Australian Prime Minister Anthony Albanese and his New Zealand counterpart Christopher Luxon ended a warm weekend together in the cold, atop a glacier near the South Island ski resort town of Queenstown on Sunday. The pair traded some friendly banter about which country could lay claim to the invention of the pavlova at the end of their annual leaders' meeting. But in a gesture of peace, Mr Luxon met his trans-Tasman partner halfway, offering a dessert with one side adorned with kiwifruit while the other was generously topped with Tim-Tams. "We have solved a centuries-old debate," the New Zealand prime minister said in a video posted to social media featuring the sweet treat. Despite sitting on opposing sides of the left-right political divide, the interaction showed the close personal relationship between Mr Luxon and Mr Albanese. The pair developed a friendship when the former worked as an Air New Zealand chief executive while the now-Australian prime minister served as transport minister. Earlier on Sunday, the leaders visited an Anzac memorial at the nearby town of Arrowtown and laid wreaths to commemorate soldiers from both countries fallen side-by-side in joint battle. "When Australians think of New Zealand, we think of the Anzacs and we think of the sacrifice that we've made together in defence of our freedom," Mr Albanese told reporters. "Australia and New Zealand are great friends. We think alike and we act alike on the international stage." Mr Albanese and Mr Luxon vowed to further integrate the two nations' economies as the regional partners face the "most unpredictable and dangerous" strategic environment in decades. New Zealand has in recent decades sought to maintain a more independent foreign policy to Australia, retreating from the ANZUS alliance in the 1980s after banning US nuclear-powered submarines from its ports. But since the election of the conservative Mr Luxon in 2023 and amid increasing Chinese military assertiveness in the Pacific, the tone has shifted. Mr Luxon has spoken positively of Australia acquiring nuclear submarines through the AUKUS pact and on Sunday he floated the possibility of piggy-backing onto Australia's deal to acquire 10 frigates from Japan, further increasing interoperability between the two nations' militaries. New Zealand's upcoming bid to replace its naval helicopter fleet was another example where it could co-ordinate its military hardware with Australia. "We want to make sure that they're as interoperable as possible with the Australians when we go to market," Mr Luxon said. "We actually want to present joint procurement bids for those things that we can tap on the New Zealand requirements, and as a result, lower the collective cost for each of those individual items for each country." The move to tie New Zealand defence forces closely to those of Australia and allies like the US has been criticised as threatening its independent foreign policy, including by former longstanding Labour prime minister Helen Clark. But University of Otago politics researcher Nicholas Khoo said strengthening military co-operation was appropriate given the increasing uncertainty in international politics. "It's an area where we could legitimately expect to see very real progress," he told AAP. Prof Khoo said the meeting showed the two neighbours' "steady build-up" of co-operation, which didn't exist until two years ago. New Zealand only had one alliance-level partner in Australia and the summit showed its investment in that relationship, he said. Co-operation was also seen as a way to help both countries achieve their goals of boosting economic productivity, including by renewing joint standards arrangements to streamline regulations in various sectors. The pair spoke with business leaders on Saturday evening about removing regulatory pinchpoints to make it easier to operate across the two countries, Mr Luxon said. "We want the barnacles off the boat, to go as quickly as we can for both countries that are trying to improve productivity," he said. China's assertiveness is pushing Australia and New Zealand's militaries ever-closer, with the Kiwi leader declaring the nation's defence forces should become as "interoperable as possible". Australian Prime Minister Anthony Albanese and his New Zealand counterpart Christopher Luxon ended a warm weekend together in the cold, atop a glacier near the South Island ski resort town of Queenstown on Sunday. The pair traded some friendly banter about which country could lay claim to the invention of the pavlova at the end of their annual leaders' meeting. But in a gesture of peace, Mr Luxon met his trans-Tasman partner halfway, offering a dessert with one side adorned with kiwifruit while the other was generously topped with Tim-Tams. "We have solved a centuries-old debate," the New Zealand prime minister said in a video posted to social media featuring the sweet treat. Despite sitting on opposing sides of the left-right political divide, the interaction showed the close personal relationship between Mr Luxon and Mr Albanese. The pair developed a friendship when the former worked as an Air New Zealand chief executive while the now-Australian prime minister served as transport minister. Earlier on Sunday, the leaders visited an Anzac memorial at the nearby town of Arrowtown and laid wreaths to commemorate soldiers from both countries fallen side-by-side in joint battle. "When Australians think of New Zealand, we think of the Anzacs and we think of the sacrifice that we've made together in defence of our freedom," Mr Albanese told reporters. "Australia and New Zealand are great friends. We think alike and we act alike on the international stage." Mr Albanese and Mr Luxon vowed to further integrate the two nations' economies as the regional partners face the "most unpredictable and dangerous" strategic environment in decades. New Zealand has in recent decades sought to maintain a more independent foreign policy to Australia, retreating from the ANZUS alliance in the 1980s after banning US nuclear-powered submarines from its ports. But since the election of the conservative Mr Luxon in 2023 and amid increasing Chinese military assertiveness in the Pacific, the tone has shifted. Mr Luxon has spoken positively of Australia acquiring nuclear submarines through the AUKUS pact and on Sunday he floated the possibility of piggy-backing onto Australia's deal to acquire 10 frigates from Japan, further increasing interoperability between the two nations' militaries. New Zealand's upcoming bid to replace its naval helicopter fleet was another example where it could co-ordinate its military hardware with Australia. "We want to make sure that they're as interoperable as possible with the Australians when we go to market," Mr Luxon said. "We actually want to present joint procurement bids for those things that we can tap on the New Zealand requirements, and as a result, lower the collective cost for each of those individual items for each country." The move to tie New Zealand defence forces closely to those of Australia and allies like the US has been criticised as threatening its independent foreign policy, including by former longstanding Labour prime minister Helen Clark. But University of Otago politics researcher Nicholas Khoo said strengthening military co-operation was appropriate given the increasing uncertainty in international politics. "It's an area where we could legitimately expect to see very real progress," he told AAP. Prof Khoo said the meeting showed the two neighbours' "steady build-up" of co-operation, which didn't exist until two years ago. New Zealand only had one alliance-level partner in Australia and the summit showed its investment in that relationship, he said. Co-operation was also seen as a way to help both countries achieve their goals of boosting economic productivity, including by renewing joint standards arrangements to streamline regulations in various sectors. The pair spoke with business leaders on Saturday evening about removing regulatory pinchpoints to make it easier to operate across the two countries, Mr Luxon said. "We want the barnacles off the boat, to go as quickly as we can for both countries that are trying to improve productivity," he said. China's assertiveness is pushing Australia and New Zealand's militaries ever-closer, with the Kiwi leader declaring the nation's defence forces should become as "interoperable as possible". Australian Prime Minister Anthony Albanese and his New Zealand counterpart Christopher Luxon ended a warm weekend together in the cold, atop a glacier near the South Island ski resort town of Queenstown on Sunday. The pair traded some friendly banter about which country could lay claim to the invention of the pavlova at the end of their annual leaders' meeting. But in a gesture of peace, Mr Luxon met his trans-Tasman partner halfway, offering a dessert with one side adorned with kiwifruit while the other was generously topped with Tim-Tams. "We have solved a centuries-old debate," the New Zealand prime minister said in a video posted to social media featuring the sweet treat. Despite sitting on opposing sides of the left-right political divide, the interaction showed the close personal relationship between Mr Luxon and Mr Albanese. The pair developed a friendship when the former worked as an Air New Zealand chief executive while the now-Australian prime minister served as transport minister. Earlier on Sunday, the leaders visited an Anzac memorial at the nearby town of Arrowtown and laid wreaths to commemorate soldiers from both countries fallen side-by-side in joint battle. "When Australians think of New Zealand, we think of the Anzacs and we think of the sacrifice that we've made together in defence of our freedom," Mr Albanese told reporters. "Australia and New Zealand are great friends. We think alike and we act alike on the international stage." Mr Albanese and Mr Luxon vowed to further integrate the two nations' economies as the regional partners face the "most unpredictable and dangerous" strategic environment in decades. New Zealand has in recent decades sought to maintain a more independent foreign policy to Australia, retreating from the ANZUS alliance in the 1980s after banning US nuclear-powered submarines from its ports. But since the election of the conservative Mr Luxon in 2023 and amid increasing Chinese military assertiveness in the Pacific, the tone has shifted. Mr Luxon has spoken positively of Australia acquiring nuclear submarines through the AUKUS pact and on Sunday he floated the possibility of piggy-backing onto Australia's deal to acquire 10 frigates from Japan, further increasing interoperability between the two nations' militaries. New Zealand's upcoming bid to replace its naval helicopter fleet was another example where it could co-ordinate its military hardware with Australia. "We want to make sure that they're as interoperable as possible with the Australians when we go to market," Mr Luxon said. "We actually want to present joint procurement bids for those things that we can tap on the New Zealand requirements, and as a result, lower the collective cost for each of those individual items for each country." The move to tie New Zealand defence forces closely to those of Australia and allies like the US has been criticised as threatening its independent foreign policy, including by former longstanding Labour prime minister Helen Clark. But University of Otago politics researcher Nicholas Khoo said strengthening military co-operation was appropriate given the increasing uncertainty in international politics. "It's an area where we could legitimately expect to see very real progress," he told AAP. Prof Khoo said the meeting showed the two neighbours' "steady build-up" of co-operation, which didn't exist until two years ago. New Zealand only had one alliance-level partner in Australia and the summit showed its investment in that relationship, he said. Co-operation was also seen as a way to help both countries achieve their goals of boosting economic productivity, including by renewing joint standards arrangements to streamline regulations in various sectors. The pair spoke with business leaders on Saturday evening about removing regulatory pinchpoints to make it easier to operate across the two countries, Mr Luxon said. "We want the barnacles off the boat, to go as quickly as we can for both countries that are trying to improve productivity," he said. China's assertiveness is pushing Australia and New Zealand's militaries ever-closer, with the Kiwi leader declaring the nation's defence forces should become as "interoperable as possible". Australian Prime Minister Anthony Albanese and his New Zealand counterpart Christopher Luxon ended a warm weekend together in the cold, atop a glacier near the South Island ski resort town of Queenstown on Sunday. The pair traded some friendly banter about which country could lay claim to the invention of the pavlova at the end of their annual leaders' meeting. But in a gesture of peace, Mr Luxon met his trans-Tasman partner halfway, offering a dessert with one side adorned with kiwifruit while the other was generously topped with Tim-Tams. "We have solved a centuries-old debate," the New Zealand prime minister said in a video posted to social media featuring the sweet treat. Despite sitting on opposing sides of the left-right political divide, the interaction showed the close personal relationship between Mr Luxon and Mr Albanese. The pair developed a friendship when the former worked as an Air New Zealand chief executive while the now-Australian prime minister served as transport minister. Earlier on Sunday, the leaders visited an Anzac memorial at the nearby town of Arrowtown and laid wreaths to commemorate soldiers from both countries fallen side-by-side in joint battle. "When Australians think of New Zealand, we think of the Anzacs and we think of the sacrifice that we've made together in defence of our freedom," Mr Albanese told reporters. "Australia and New Zealand are great friends. We think alike and we act alike on the international stage." Mr Albanese and Mr Luxon vowed to further integrate the two nations' economies as the regional partners face the "most unpredictable and dangerous" strategic environment in decades. New Zealand has in recent decades sought to maintain a more independent foreign policy to Australia, retreating from the ANZUS alliance in the 1980s after banning US nuclear-powered submarines from its ports. But since the election of the conservative Mr Luxon in 2023 and amid increasing Chinese military assertiveness in the Pacific, the tone has shifted. Mr Luxon has spoken positively of Australia acquiring nuclear submarines through the AUKUS pact and on Sunday he floated the possibility of piggy-backing onto Australia's deal to acquire 10 frigates from Japan, further increasing interoperability between the two nations' militaries. New Zealand's upcoming bid to replace its naval helicopter fleet was another example where it could co-ordinate its military hardware with Australia. "We want to make sure that they're as interoperable as possible with the Australians when we go to market," Mr Luxon said. "We actually want to present joint procurement bids for those things that we can tap on the New Zealand requirements, and as a result, lower the collective cost for each of those individual items for each country." The move to tie New Zealand defence forces closely to those of Australia and allies like the US has been criticised as threatening its independent foreign policy, including by former longstanding Labour prime minister Helen Clark. But University of Otago politics researcher Nicholas Khoo said strengthening military co-operation was appropriate given the increasing uncertainty in international politics. "It's an area where we could legitimately expect to see very real progress," he told AAP. Prof Khoo said the meeting showed the two neighbours' "steady build-up" of co-operation, which didn't exist until two years ago. New Zealand only had one alliance-level partner in Australia and the summit showed its investment in that relationship, he said. Co-operation was also seen as a way to help both countries achieve their goals of boosting economic productivity, including by renewing joint standards arrangements to streamline regulations in various sectors. The pair spoke with business leaders on Saturday evening about removing regulatory pinchpoints to make it easier to operate across the two countries, Mr Luxon said. "We want the barnacles off the boat, to go as quickly as we can for both countries that are trying to improve productivity," he said.
ABC News
3 days ago
- ABC News
High-altitude investment soars as snow businesses bet big on the future
It's snowtime in Australia's ski resorts, with bumper falls and plenty of visitors. Despite two poor seasons and increased competition from Japan and New Zealand, local resorts are making substantial investments that signal a belief in decades of future fun. "This is about as good as it gets," Perisher's resort services director Andrew King says, surveying the scene as beginner snowboarders and families play at the base of the mountain. "We've got a great snow base, some fresh snow, we're interconnected [by snow trails] between the four resorts. "We've got 44 lifts open out of 45 … so it's been fantastic. This snow season has been strong for the industry and it's set to continue into the September school holidays. Australian resorts have suffered two tough snow seasons (and before that, COVID restrictions in 2020 and 2021) as well as the reality that climate change is reducing natural snowfall. In recent years, the future of the snowfields has looked less than assured. Enter money. Lots of it. Alpine operators are making substantial investments in infrastructure, accommodation and hospitality venues, betting on a growing population, increasingly diverse snow-lovers and improved snowmaking technology that is extending seasons. "If you look at New South Wales alone, it's in excess of $80 million of investment in the last five years," says Josh Elliott, chief executive of peak body Ski Resorts Australia. In the past few years, Thredbo has put in a new gondola and a 1.5km "coaster" — a kind of suspended toboggan run — as other resorts have upgraded accommodation, transport and hospitality options. This season, the most expensive new item has been Perisher's six-seater high-speed chairlift, which can deliver 3,000 people an hour to the top of the resort more than 2,000 metres above sea level. "We've really moved upmarket with latest technology," says Mr King. "It halves the time to get up there and increases the volume of people we can get to the top of the mountain, Australia's highest lifting point. So it's a good bit of kit." But it's not the only big bet. On top of Mt Buffalo, in the Victorian High Country, a giant is slowly waking. For more than a century, the Mt Buffalo Chalet has sat on the edge of a precipitous drop, offering comfort and luxury to thousands who enjoy the beauty of the mountain, about 300 kilometres north-east of Melbourne. Built in 1910, the chalet operated for almost a century before its doors shut in 2006, leaving more than 100 rooms to sit empty since. "This is a building that needs people in it," says Richard Thornton, chief executive of Belgravia Outdoor Education. A café will open by summer, before completion of a two-stage, $10-million redevelopment to accommodate about 300 students and teachers. "There's so much to do on the plateau," says Mr Thornton. "There's caving, climbing, abseiling, canoeing. You can bushwalk from here for three days and barely see another person, all from the front door of this building." Private company Belgravia Leisure runs more than 250 sports facilities across Australia, including large aquatic centres from Devonport in Tasmania up to Palmerston in the Northern Territory. The investment will take decades to recoup. But the company sees value not just in the financials but in young people experiencing the High Country. "We've taken a 40-year lease on the chalet," says Mr Thornton. "We're absolutely all-in to delivering, getting this place open and getting it full. So yes, it's a long lease and, yes, there's a commitment to that. We're confident." In Jindabyne, the lakeside gateway town to NSW ski resorts, the confidence that comes from substantial investment is clear. Australia's ski season is underway, but new figures show a 30 per cent drop in skier visits since before the pandemic — as rising costs and overseas competition put pressure on the $2.1 billion industry. Businesswoman Kerin Jarvis isn't in the snow game — she runs a business that supports tradies with their administration – but she sees how areas like Jindabyne rise and fall. Her home, about 150 kilometres south-west of Canberra, is filled with stores and hospitality venues catering to snow-seeking tourists. "The visitor economy is so important to our town," she says. A member of the town's chamber of commerce, Ms Jarvis says the "buzz" of the town on winter weekends is something you can feel. "Businesses in our town rely on that seasonal winter trade to support them through the quieter times through the year, and they've had five years of very challenging business experience." Other areas aren't as fortunate. Operators were sought for two of Victoria's smallest ski areas — Mt Baw Baw and Lake Mountain — in a government tender last year. But Jindabyne is revelling in recent investments. As the gateway for travel from Sydney and Canberra to the NSW resorts — so much so that a "Big Chairlift" sits on the lake's edge for people to take photos on — the summer installation of Perisher's new chairlift has the town buoyed that resort operators are committed. "A lot of people say, 'Oh, there won't be any snow left because of climate change,'" she says. "But then they install a chairlift like that and spend that sort of money … [it shows the company has] got the confidence that they're going to be using that chair for a long time."
