The Australian government said on Tuesday it would provide up to A$80 million ($52.6 million) to airline Regional Express Holdings to keep its regional routes running during an extended voluntary administration process, Reuters reported. Terms of the financing package were not disclosed.
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Australia
Australia’s central bank held its key interest rate at a 13-year high on Tuesday, aiming to keep up the pressure on stubbornly sticky inflation while joining much of the world in waiting for the outcome of US elections, Bloomberg reported. As expected, the Reserve Bank left its cash rate at 4.35%, marking a year at that level, and restated that it isn’t “ruling anything in or out” on policy. The RBA’s board highlighted the “high level of uncertainty” about the international outlook. Underlying inflation “remains too high,” the rate-setting board said in a statement.
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Australian billionaire Richard White has reached an out of court legal settlement with an alleged former lover who he was pursuing for bankruptcy, Bloomberg News reported. A notice of discontinuance was filed with the Federal Court of Australia late Monday, the court’s website shows. The case was settled out of court on Friday, according to a representative in barrister Bridie Nolan’s office, who asked not to be named because they aren’t authorized to speak publicly. Nolan was representing wellness entrepreneur Linda Rogan, who White had filed bankruptcy proceedings against.
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The corporate regulator has released the Australian insolvency statistics for the period up to 29 September 2024, with the latest statistics indicating there was a 43 per cent increase in total insolvencies in the first three months of the 2024–25 financial year from the same period in the previous financial year, the Accounting Times reported. The statistics showed that for the period from 1 July to 29 September, 3,568 companies had entered external administration or had a controller appointed.
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