Australia government commits USD3.9bn to develop Western Sydney Airport

    Australia‘s Federal Government committed (09-May-2017) AUD5.3 billion (USD3.9 billion) over the next 10 years towards the development of Western Sydney Airport. The government plans to establish a government-owned company with strong private sector expertise in FY2017/18 to manage the development process and ensure it is operational by 2026. Expected to be the second international airport in Sydney, the airport is forecast to deliver net long-term benefits to the Australian economy with a return of AUD1.80 for every AUD1 invested. The government will invest AUD73.2 million (USD53.8 million) on planning and site preparatory works in FY2017/18 and expects to spend a total of AUD115 million (USD84.5 million) for site preparation. Tender for early works will be issued in late 2017.