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MacBank bails out of Badgery's -    

Interesting...

Sydney Airport, the operator of Sydney's main Kingsford Smith airport, has declined to develop and operate the proposed second major airport in western Sydney at Badgerys Creek.

"After taking into consideration the feedback from the recent market engagement process and investors, and the outcomes of its own evaluation, Sydney Airport determined that the terms of the Western Sydney Airport notice of intention (NOI) do not meet its investment criteria," the company said in a statement on Tuesday.

The federal government in December ruled out any direct financial support towards the cost of building and operating the proposed $5 billion project, for which Sydney Airport held right of first refusal.

Good catch Cap'n...

Also from ABC online this AM:

Sydney Airport declines offer to run second airport at Badgerys Creek

Tue 2 May 2017, 9:31am


Photo: Sydney Airport has run the sole airport for the city for many years. (AAP: Mick Tsikas)

Sydney Airport has declined the Federal Government's offer to build the second airport at Badgerys Creek, citing the "risks" on monetary return for their investors.

Sydney Airport said it considered the likely demand and growth potential, construction costs, risk profile and financial returns of the airport before turning the offer down.

The company made the announcement it would not develop the Western Sydney Airport (WSA) in an ASX release today.

"Sydney Airport's decision not to accept the [Western Sydney Airport notice of intention] on the terms provided is in the best interests of our investors who represent millions of Australians through their superannuation funds," managing director and chief executive of Sydney Airport Kerrie Mather said.

"Despite the opportunities that WSA will present, the risks associated with the development and operation of WSA considerable and endure for many decades without commensurate returns for our investors."

The release said Sydney Airport still had three months left to review the material terms of the WSA operation, whether the Federal Government elected to run the airport or offer terms to another party.

"If the terms are more favourable, Sydney Airport would have the option to develop and operate the airport on those terms," the ASX release said.

However, the release noted the Federal Government had advised Sydney Airport the deal would mirror its previous offer that the company declined today.

Federal Government could step in to run airport

Deputy Prime Minister Barnaby Joyce weighed in saying he "wasn't surprised" Sydney Airport had declined the offer.

"I always thought they'd play us along as long as possible and then say no," Mr Joyce said.

He hinted at the Federal Government retaining control of the project.

"But we want to build Badgerys Creek. That's one thing that I'm absolutely certain about, the Prime Minister and I are absolutely one on this," Mr Joyce said.

"Badgerys Creek is vitally important, it's a vital part, a piece of infrastructure, and now that the Sydney Airport corporation says that they're not interested, we'll get to work and make sure we find people who are."

More to come.

MTF...P2