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Australian PM praises milestone of new world-class airport construction

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The new Western Sydney International Nancy-Bird Walton Airport has hit another major milestone with construction now underway on the world-class passenger terminal

Australian Prime Minister Scott Morrison said today’s announcement marked a significant step in this once-in-a-generation, city-shaping infrastructure project for Western Sydney, and Australia.

“The delivery of the Western Sydney International Airport proves once again our Government’s ability to get things done,” the Prime Minister said.

“We have made this happen. It is already delivering major benefits for Western Sydney, as we knew it would, and it only gets better from here.

The Prime Minister stated that the Coalition will continue to invest in job-creating infrastructure that drives investment and secures Australia’s economic recovery.

“Our total $14 billion investment in the airport and transport links is transforming this powerhouse region, attracting investment and supporting jobs for generations to come.”

Morrison stated that around 11,000 jobs will be supported during construction of the airport alone, and currently around one in two workers are from Western Sydney, “driving income and opportunity for families across the region.”

“Tens of thousands more jobs will be created when the airport is up and running in 2026, and millions of travellers are arriving into Sydney’s newest airport every year.

“The airport will also play a crucial role in the nation’s aviation future, delivering dynamic global connections for the region and opening up even further possibilities for new routes and services.”

Minister for Communications, Urban Infrastructure, Cities and the Arts Paul Fletcher says construction on one of the most significant infrastructure projects in Australia was now around one quarter complete.

“Despite the challenges of the global pandemic, work has continued to progress with nearly 22 million cubic metres of earth now moved to date across the site – which is about three times bigger than the Sydney CBD – and the airport on track to open in late 2026,” Minister Fletcher said.

Western Sydney Airport / Image: Supplied

The terminal will have the capacity to handle up to 10 million passengers each year.

“With this unique opportunity to build an airport from the ground up, we are able to roll out cutting-edge technology to make the passenger experience smoother and easier than at existing airports, and the security systems more effective but less intrusive.

“The new airport will not only be a state-of-the art piece of infrastructure but is an integral element of the surrounding aerotropolis and the broader Western Parkland city.

“In its own right, Western Sydney would be Australia’s fourth largest city and third largest economy, which is why the Morrison Government has committed $14 billion to the airport and vital metro rail and road links that will transform the region.” 

Minister for Finance Simon Birmingham said construction of Western Sydney International’s world-leading innovative domestic and international airport had fastened its seatbelt and was ready for take-off.

“One of Australia’s largest infrastructure projects is now visibly taking shape and is delivering long-term jobs and economic benefits to Western Sydney,” Minister Birmingham said.

Western Sydney Airport / Image: Supplied

“Economic stimulus and job creation in Western Sydney is critical right now. Start of construction on the world-class terminal will see more jobs begin to flow in the coming months.

“Acting to build a second Sydney airport has been in the too hard basket for many years but our government is delivering this critical piece of infrastructure that will lift productivity and growth for decades to come.”

Federal Member for Lindsay, Melissa McIntosh welcomed the airport exceeding its local employment targets, saying the project would continue to create local jobs, for local people.

“Over $100 million has already been injected into businesses in Western Sydney, supercharging our local economy,” Ms McIntosh said.

“The airport will continue to provide more opportunities for local small businesses, opening up new markets and opportunities across Australia and beyond.

“This will drive more job creation for generations, particularly in the emerging industries recognising Western Sydney is at the forefront of fields including advanced manufacturing, research, and space, as a result of the Morrison Government’s investment.”

NSW Premier Perrottet / Image: Supplied

New South Wales Premier Dominic Perrottet said the airport would boost economic activity and provide employment opportunities for the Western Sydney region.

“This new airport integrates with our vision for Western Sydney and the future of how people will live, work and travel,” Mr Perrottet said.

“It means jobs for Western Sydney and will create new, convenient travel options for those who live in our west.”

The contract for the airside pavements package, which will include the 3.7-kilometre runway and rapid-exit taxiways, was awarded in September, with construction due to begin next year.

Bulk earthworks are around 75 per cent complete

In addition to the $5.3 billion investment in Western Sydney International, the Morrison Government has committed another $9 billion for the vital rail and road links that will transform the Western Sydney region.

This includes the $3.5 billion investment to deliver new major road infrastructure and upgrades under the Western Sydney Infrastructure Plan and $5.25 billion towards the first stage of the Sydney Metro – Western Sydney Airport rail link.

Anthony Lucas is reporter, presenter and social media producer with ticker News. Anthony holds a Bachelor of Professional Communication, with a major in Journalism from RMIT University as well as a Diploma of Arts and Entertainment journalism from Collarts. He’s previously worked for 9 News, ONE FM Radio and Southern Cross Austerio’s Hit Radio Network. 

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World’s second-biggest fashion retailer blames Russia for 89% profit drop

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The Swedish fashion giant H&M says profits have dropped 89 per cent

They blame cost inflation, slow consumer spending and one-off expenses related to its exit from Russia.

Pretax profit in the period, the Swedish group’s fiscal third quarter, fell to 689 million crowns ($60.9 million) from a year-earlier 6.09 billion.

The Russian exit accounted for half of the decrease in profits, according to the retailer.

H&M announced a cost cutting programme that it predicted would result in annual savings of around 2 billion crowns, with savings expected to become visible in the second half of 2023.

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How Disney beat Netflix at its own game

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When it comes to streaming, there’s a new sheriff in town.

Disney+ has quickly become a major force in the streaming wars, adding over 14 million new subscribers in its latest quarter. That’s a big jump from the 3 million it had just three months prior.

In comparison, Netflix lost nearly 1 million subscribers in the same period.

So what happened? How did Disney+ overtake Netflix so quickly?

There are a few factors at play.

For one, Disney+ has a lot of content that people want to watch. As well as its acquisition of 21st Century Fox, the service  has access to popular franchises like Star Wars, Marvel, and The Simpsons. That’s a big draw for people who are looking for something to watch.

In addition, Disney+ is much cheaper than Netflix. A subscription to Disney+ costs $6.99 per month, while a Netflix subscription starts at $8.99 per month. For people who are trying to save money, Disney+ is the more appealing option. Though Disney and Netflix have signalled they’re going to push up their prices.

Disney+ has been aggressive in marketing itself as the superior streaming service. The company has run a number of ads that compare its service favorably to Netflix. This has helped convince people to switch to Disney+.

The Disney effect

The Walt Disney Company launched Disney+ on November 12, 2019. The streaming service is available in the United States, Canada, the Netherlands, Australia, New Zealand, and Puerto Rico.

As of the second quarter of 2020, Netflix had nearly 221 million subscribers across 190 countries.

Factbox

What is the market share of Netflix? In the United States, Netflix has a market share of 37%. That means it is the most popular streaming service in the country.

When was Netflix founded? Netflix was founded on August 29, 1997, in Scotts Valley, California.

What type of company is Netflix? Netflix is a publicly-traded company. Its stock is traded on the Nasdaq under the ticker symbol NFLX.

What is the headquarters of Netflix? The headquarters of Netflix is located in Los Gatos, California.

Disney+ facts

Disney is spending $1 billion per year on its streaming service.

What is the market share of Disney+? In the United States, Disney+ has a market share of 24%.

When was Disney+ launched? Disney+ was launched on November 12, 2019.

What type of company is Disney? Disney is a publicly-traded company. Its stock is traded on the New York Stock Exchange under the ticker symbol DIS.

How much does Disney stock cost? As of August 2020, the price of one share of Disney stock is $115.76.

What is the headquarters of Disney? The headquarters of Disney is located in Burbank, California.

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Business

The world’s largest online retailer gives staff a pay rise

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Workers at Amazon’s warehouse and transportation hubs are set to receive a pay rise

The world’s biggest online retailer says wages will increase to over 19 dollars, which is up from 18.

It’s part of a plan to help the company attract and retain workers in a very tight labor market.

Of course, the peak shopping season is also getting underway.

Amazon says the price increase will cost its company nearly one billion dollar in the next year alone.

The minimum for workers on an hourly wage will stay at 15 dollars.

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