Sydney Airport Corporation chairman Trevor Gerber says the company can benefit from information gathered during its analysis of plans for the new Western Sydney Airport, even though it turned down the chance to operate it.
The federal government will build the airport after the corporation walked away over concerns the venture was too risky, but Mr Gerber says the past three years of research can still be useful to the ASX-listed company.
"The Western Sydney Airport consultation has allowed us to gather extensive and valuable information on future Sydney Basin demand, which will help us prepare for the release of our 2039 Master Plan, and importantly progressing our expansion plans," Mr Gerber is expected to say in a speech to the corporation's annual general meeting.
Mr Gerber says the new international airport at Badgerys Creek, which is expected to cost $5 billion of taxpayers' money after the government this month committed to the project, nonetheless represents an exciting opportunity for western Sydney that will create jobs and encourage investment.
But the reasons for Sydney Airport Corporation's decision to decline still stand.
"The risks associated with its development and operation are considerable, and will endure for many decades without commensurate returns for our investors," he is expected to say.
Sydney Airport Corporation has 80 years remaining on its lease of the current Mascot airport.
"Our master planning shows that Sydney Airport is able to meet significant aviation growth, within our existing footprint," chief executive Kerrie Mather is expected to say in her speech.
"Our planning has accounted for the opening of Western Sydney Airport in late 2026, and the opportunities this will create for Sydney Airport," Ms Mather will say.
Shares in Sydney Airport were worth $7.43 before the market opened on Tuesday, a more than fivefold increase over the past eight years.
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