This Etihad fare caught my eye for Italy to Australia round trip on limited dates in June. The fare is $480 to $509 from several airports in Italy to Perth. This is only for June 2016 departures as far as I can tell. A couple of hours ago, when I first researched this fare, there were low fares to Sydney and Melbourne too, but now the return flights involve Virgin Australia to Perth and the price has increased to around $800 to $1000 USD round trip.
Update: Within minutes of posting this I found low fares Milan MXP to Brisbane for $499 on OTA sites like Priceline.
Etihad deal from Italy to Australia
Etihad Airways Rome FCO to Perth, PER
$496.65 (446.90 EUR) round trip June 11 – June 26
Etihad Airways Milan MXP to Perth, PER
$483.32 (434.91 EUR) round trip Saturday June 4 – Sunday June 26
There are other Italy airports with low fares too.
Etihad/Alitalia Venice VCE – Perth PER
$479.48 USD (431.45 EUR) SSunday June 5 – Monday June 20
Loyalty Traveler – Hotel Promotions Guide May 2016.