Newcastle Airport debt reaches $340 million after $105m surge
The airport's total debt jumped $105 million in 12 months to June, reaching $340 million.
Newcastle Airport's borrowings surged from $235 million to $340 million in the year to June, a jump of $105 million. The debt came to light in next week's Port Stephens Council papers ahead of next Friday's shareholder meeting.
The airport has been strained by cost blowouts on its new international terminal and property development spending. Former Port Stephens mayor Craig Baumann said the debt looked unsustainable.
He warned that without land sales, passenger numbers alone could not turn it around. Another former mayor, Steve Busteed, said passenger figures remain flat compared to six or seven years ago, despite federal and state funding injections.
The airport has refused to detail how much extra it borrowed or comment on the debt increase before the shareholder meeting.
- $105 million
- Debt increase
- $340 million
- Total debt now
- Newcastle and Port Stephens councils
- Owners
- Next Friday
- Shareholder meeting
Why it mattersTaxpayers across Newcastle and Port Stephens councils own the airport; growing debt could threaten returns or require rate rises.
AustraliaNewcastle and Port Stephens ratepayers and businesses face potential financial fallout from a council-owned asset carrying $340 million in debt.
✓ Claims checked against the source and corrected before publish. checked 2 h ago
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