If you were an airline looking for a country to set up shop in order to make money flying international routes I doubt you'd look twice at doing it in Australia.
You'd be looking at the Middle East or Asia instead as the places you'd base yourself in. Large local market (Asia), non stop to anywhere on earth giving connectivity (M/E), aviation friendly governments, employer favourable labour laws and lower costs (both).
Well, certainly not today or in ANY country. the competition is far too keen and local authorities will tie up any applications to begin ops for years (unless you grease the palms). Even if the start up gains traction, obstacles will be put in the way to protect the local operator. Not much chance to make a profit.
Even if you got started using low salaried local staff to cut costs, you will get what you pay for in quality and safety. Expect the worst.
Low costs do not translate to proportional profit.....just losses.