The Federal Government has committed to the delivery of the Western Sydney Airport at Badgerys Creek in the Federal Budget saying the airport is vital to deliver new aviation capacity for Sydney.
The airport aims to provide better access to air travel for two million people who will be closer to Western Sydney Airport than Kingsford Smith Airport.
To ensure the airport is operational by 2026, the Government will establish a new Government-owned company.
The company, to be established in the 2017–18 Financial Year, will have board and management with strong private sector expertise, and will issue tenders for early works before the end of 2017.
The Government will commit up to $5.3 billion of equity to this company, to be invested over 10 years in line with the construction schedule.
The new airport is a significant investment for Western Sydney and will deliver net long-term benefits to the Australian economy, returning $1.80 for every dollar invested.
The Government is also boosting resources to the ATSB, providing an additional $12 million over five years, to continue to improve aviation safety and education.