SYDNEY—Australia’s Qantas Airways Ltd and Air New Zealand announced a codeshare deal on Friday, amid a redrawing of airline alliances in the region as booming tourism lifts carriers on both sides of the Tasman Sea to record profits.
The agreement covers 115 domestic routes in both countries, but not the trans-Tasman route where the respective flag carriers compete. It comes as domestic revenues fuelled by fare hikes are driving profits, dividends and stock prices skyward.
