Weekly news magazine The Week will launch in Australia on October 31, in hopes that its “approach to news suits our information-saturated, time-starved age,” The Age reported.

Despite the fact that Australia's oldest news magazine, The Bulletin, closed earlier this year, and Fairfax Media is cutting 550 jobs, The Week, which launched in England in 1995, hopes to find success in Australia by filling in a niche.

The Week's tagline, “All you need to know about everything that matters,” asks readers to spend an hour to an hour and a half with the magazine each week, and it will help them stay current on top local and international news, according to The Age.

The Week will be available mostly to subscribers. Currently, there are less than 1,000 in Australia, because the news weekly has not been heard of by most people. In its home country of England, 90 percent of The Week's 150,000 copies are sold by subscription.

The magazine's Australian editor, David Salter, told The Age he believes The Week will sell 35,000 copies within its first year. Its publisher, Dennis Publishing, has budgeted AU$5 million for the next two years, he said.