Sydney Airport declines offer from government to develop second airportStaff Writer | May 2, 2017
Sydney Airport Group declined the Australian Federal Government's offer to build a second Sydney airport on Tuesday, claiming the "risks associated with the development" are to high.
Air traffic The risks associated with the development
Far from an impromptu venture, plans of building a second airport in Sydney have been discussed at state and federal government levels for decades.
It's believed the first suggestion came in a parliamentary paper as early as 1940.
Reported to be at a cost of around 5 billion Australian dollars (3.77 billion U.S. dollars), the Sydney Airport Group explained reasoning for refusal via the Australian Securities Exchange Website.
"Despite the opportunities that Western Sydney Airport will present, the risks associated with the development and operation are considerable and endure for many decades, without commensurate returns for our investors," Sydney Airport Group chief executive officer Kerrie Mather said in a statement.
At the moment it's unclear how the project will proceed, however it appears the federal government will provide the funding with taxpayers footing the bill. ■