The surprise 10pc jump giving investment bank analysts hope
Some fund managers have stopped using them for their numbers in day-to-day coverage and analysis – like Sydney's Aoris Investment Management – and we cannot remember the last time an investment bank boss talked about equities research as anything other than a cost centre.
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Sydney Morning Herald
16 hours ago
- Sydney Morning Herald
Public servants to be banned from free flight upgrades – but business class still a go
The Albanese government has knocked back a plan to force federal bureaucrats to fly economy between Sydney and Melbourne, but has agreed to stop them accepting first-class flight upgrades that airlines use to win favour in Canberra. A Department of Finance review of government travel policies released quietly on Friday last week, seven months after it was completed, found that existing policies were delivering value for money but weren't consistently followed. National outcry over government travel perks exploded last year after commentator Joe Aston revealed Prime Minister Anthony Albanese had received at least 22 free Qantas upgrades from economy class, worth tens of thousands of dollars, as had other politicians and public servants. 'The Australian public, parliamentarians and submissions to the review have raised the possibility that access to exclusive lounges provided by Qantas and Virgin may unduly influence government travel patterns,' the report said. The report said data from 2023-24 showed there was higher use of Qantas flights by public servants in and out of Canberra than other airlines, but attributed this to more availability from the national carrier and said the booking patterns were consistent with the public. Loading The review, completed in December last year, found the existing policy was fit-for-purpose and saved the government $260 million in 2022-23, but was not always being followed by individuals. It made seven recommendations to improve value and efficiency in government travel, and support competition. The government accepted them to varying degrees, and tasked the department with implementing the changes. The rules will apply to public servants, but politicians and their staff will escape the upgrade restrictions because their travel comes under different legislation. A key recommendation bars public servants from accepting flight upgrades except in exceptional circumstances, such as when there is no other seat on a plane. The department said it would draft a new travel policy to include the recommendation to be effective from early next year.
The Age
16 hours ago
- The Age
Public servants to be banned from free flight upgrades – but business class still a go
The Albanese government has knocked back a plan to force federal bureaucrats to fly economy between Sydney and Melbourne, but has agreed to stop them accepting first-class flight upgrades that airlines use to win favour in Canberra. A Department of Finance review of government travel policies released quietly on Friday last week, seven months after it was completed, found that existing policies were delivering value for money but weren't consistently followed. National outcry over government travel perks exploded last year after commentator Joe Aston revealed Prime Minister Anthony Albanese had received at least 22 free Qantas upgrades from economy class, worth tens of thousands of dollars, as had other politicians and public servants. 'The Australian public, parliamentarians and submissions to the review have raised the possibility that access to exclusive lounges provided by Qantas and Virgin may unduly influence government travel patterns,' the report said. The report said data from 2023-24 showed there was higher use of Qantas flights by public servants in and out of Canberra than other airlines, but attributed this to more availability from the national carrier and said the booking patterns were consistent with the public. Loading The review, completed in December last year, found the existing policy was fit-for-purpose and saved the government $260 million in 2022-23, but was not always being followed by individuals. It made seven recommendations to improve value and efficiency in government travel, and support competition. The government accepted them to varying degrees, and tasked the department with implementing the changes. The rules will apply to public servants, but politicians and their staff will escape the upgrade restrictions because their travel comes under different legislation. A key recommendation bars public servants from accepting flight upgrades except in exceptional circumstances, such as when there is no other seat on a plane. The department said it would draft a new travel policy to include the recommendation to be effective from early next year.
News.com.au
20 hours ago
- News.com.au
Koala Airlines set to launch in Australia in 2026
It's official – there will be a new airline flying the skies of Australia from next year. Koala Airlines is set to shake up the country's aviation landscape from late-2026, offering travellers another option when it comes to moving around the country. Despite not appearing to have any aircraft secured, the airline's C EO Bill Astling said it's all systems go for the airline — which has no intention on being like rivals Qantas or Virgin — plans to 'fundamentally differ from previous entrants in a domestic market'. 'We're not trying to be Qantas or Virgin – our model is fundamentally different, and that's why we've attracted the backing we have,' Mr Astling told the Australian Financial Review. 'We've deliberately kept a low profile – not because we're stalling, but because we're building something with a long-term, sustainable foundation. We've learned from the past – both ours and the industry's – and we're taking a disciplined, strategic approach. 'We're on track to start operations late next year, but we're not in the business of giving our competitors a 12-month head start.' It's hard not to compare the yet-to-launch airline with Bonza, the budget carrier which collapsed last year. But Mr Astling has assured future flyers that they will not try and compete with the likes of Virgin or Qantas — which some experts suggest was what triggered Bonza's downfall. 'Our model is fundamentally different, and that's why we've attracted the backing we have,' Mr Astling said of the unnamed financial backers 'who know aviation'. The airline is yet to reveal exactly how and where they will fly to and from, however in an interview with ABC's Four Corners in 2024, Mr Astling said Koala would fill 'niches' currently unoccupied by the major carriers. 'We are just not prepared to give away what our strategy is and allow competitors to be able to think, 'right, well, we can work on this or work on that,'' he said. 'We've got a lot of support. We've also got a lot of sceptics. I've had a few people who've said, 'Have you appointed the liquidator yet?' So I've had to tell 'em, we're putting 'em out to tender.' Bonza's collapse in April 2024 — just over 12 months after taking to the skies — marks a reminder of how turbulent Australia's aviation market can be. Bonza's collapse left hundreds of creditors, including employees, out of pocket. Bonza began operations with a low-cost model of operating a regional network with routes not typically serviced by the other major airlines. Demand and failing to expand the fleet were pointed as some of the main reasons for the company's collapse.
