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wondrousbitofrough
6th Mar 2017, 03:29
Top Stories: Sydney Airport profits $100m on car parking in one year
http://ab.co/2mrfb8r

Now that they've proved they can make a profit, surely it's time they let staff back into one of their multi-story cash machines? Anythings got to be better than the 'service' offered by the Blu Emu...

Lead Balloon
6th Mar 2017, 04:30
Or maybe it's time Sydney Airport Limited started paying some tax?

Airport privatisation is in my view a fraud on the taxpayer. It's not just the "users" who have to pay the exorbitant fees, but also the general taxpayers who have to make up for the tax revenue forgone.

Sydney airport is an international joke. But Sydney Airport Limited couldn't care less about that, because the airport continues to be a nice little (monopoly) earner for the 'millionaires' factory', care of the 40 year first right of refusal included in the privatisation deal.

Makes me sick. :yuk:

LostProperty
6th Mar 2017, 05:07
It's not just airports but the wider issue of "privatisation" in general of public infrastructure. I have no issue with selling off the Commonwealth Bank or Qantas but I sure as hell do about Telstra's network (as distinct from the phone business), the airports, most motorways and power transmission and generation infrastructure (but not the actual sale of electricity). All of this stuff was built with taxpayer dollars but the proceeds of sale have largely been ploughed into targeted welfare and parish pump projects designed to keep the party who made the sale in power for longer than they deserve.

But to get back to the premise of the thread, the airports are indeed a disgrace under private ownership and I will be interested to see how long Sydney Airport are allowed to string out a decision about whether they are going to build Badgery's Creek or let someone else have a go.

Falling Leaf
6th Mar 2017, 05:52
whether they are going to build Badgery's Creek or let someone else have a go.

I am sure they will insist that the taxpayer build it, then they can run it for the next 100 years and make more exorbitant profits, slugging the poor taxpayer again.

cattletruck
6th Mar 2017, 09:50
We also had a front page article in today's The Age newspaper about Melbourne Airport's $80m pure profit from their parking monopoly.

Apparently the ACCC is meant to be keeping them in check, sure doesn't look it.

601
6th Mar 2017, 11:55
generation infrastructure
Just make then QUANGOs, load them up with all the Govt debt and then make then borrow more money to pay a "dividend"

downdata
6th Mar 2017, 21:19
Or.. or... maybe its time to buy some shares in SYD? Cheer up, if you cant beat them, join them.

unobtanium
6th Mar 2017, 23:32
Sydney airport is beyond a joke, the walk to the pickup point is simply ridiculous. I planners knew this, and even tried to make the ridiculous long walk more 'interesting' by adding some amusement along the way.

What a ridiculous welcome for visitors to this so called great city. The entire airport needs to be flattened and redone properly.

Whiskery
7th Mar 2017, 00:08
.......Melbourne Airport's $80m pure profit from their parking monopoly.

Melbourne Airports do NOT have a monopoly. JetPort and A1 airport parking have been seriously denting their bottom line for some time now. Look at all the vacant parking bays in the long term car park. They never advertised on the radio, now it's full on and they have "magically found" some great savings on airport parking. Amazing what competition can turn up!!

Derfred
7th Mar 2017, 09:28
[Melbourne Airports do NOT have a monopoly. JetPort and A1 airport parking have been seriously denting their bottom line for some time now. Look at all the vacant parking bays in the long term car park. They never advertised on the radio, now it's full on and they have "magically found" some great savings on airport parking. Amazing what competition can turn up!!

That is the most amazing trumped up claim I've ever heard.

A government interested in car-parking competition would have provided land close to the terminal for car-parking competitors to compete. They deliberately did not. The car-parking competitors you speak of have to provide pickup and dropoff services to neighbouring suburbs because even the airport land was not made available to car-parking competitors. It was only made available to corporates (and the taxi industry offsett by a surcharge....)

At least they could have subdivided the parking real-estate and sold bits off to competitors such as Wilson and Secure Parking. Perhaps then there could have been some token competition (even if not real).

The fact that the ACCC has only recently become "annoyed" by the situation, with no authority to do anything about it, merely highlights the impotence of the ACCC and the corruption of our government over the long term.

At the end of the day, we have a government whose only commitment to aviation is to promote $50 tickets from MEL to SYD in the interests of "competition" while disregarding monopoly airport car-parking rising to $60/day. What an amazing government.

Capn Bloggs
7th Mar 2017, 10:20
The fact that the ACCC has only recently become "annoyed" by the situation
I must admit that I threw my TV brick so hard at Sims that I had a spew into a nearby bucket!

Sunstrand
7th Mar 2017, 10:44
Perhaps with all that profit Sydney airport can actually do some preventative maintenance. Every time it rains there seems to be pavement failure with quick fixes to get it up and running again.

Cravenmorehead
8th Mar 2017, 10:22
Sydney Airport's dividend yield is around 5.53% the average bank 7-8% so not a bad earner all fully franked at 30%. Very attractive to the investor. Most Super funds would have a big stake in the airport.
They would be crazy to build Badgerys Creek without government support, think minimum of $1,000,000,000 yeah a billion dollars from federal coffers needed to take the project on.
It should be an interesting few months, they have to decide on their first right of refusal within the next few months.
This is what we get when we privatise assets. The average punter gets screw at the coal face, big business makes money, investors are happy with fat dividend checks, always looking over their shoulders at what cock up the boards will make in the interest of appeasing the politicians.
Craven.