Newcastle Airport is set to embark on a $240 million expansion to enhance domestic capacity and develop a new international terminal with the Commonwealth Bank acting as the sole financier.
The second busiest airport in NSW, Newcastle Airport currently services 12 domestic routes with six domestic airlines, catering for around 1.3 million passengers a year.
Commonwealth Bank’s Paul Fowler said Newcastle Airport was a key driver of the regional economy.
“The airport’s expansion and modernisation will significantly increase its capacity and improve connectivity across Newcastle, the Hunter Valley and the Central Coast, driving new business and employment opportunities that add to the region’s prosperity,” he said.
Commonwealth Bank’s Paul Cragg said the Hunter population is expected to increase to around 950,000 people by 2041 with Newcastle as “a centre for industry innovation”.
“Being born in and having raised my family in Newcastle, I see this as an exciting time of change for Newcastle and the Hunter Region,” Cragg said.
“This is why we’ve expanded our business banking and customer support teams on the ground to assist the growth of diverse sectors including tourism, defence, manufacturing, health, energy, agriculture, education, property and transport.
“We’re looking forward to helping more businesses in Newcastle and beyond take advantage of new possibilities as the economy transitions.”
Newcastle Airport CEO Dr Peter Cock welcomed the partnership, highlighting the benefits this expansion has for the region.
“Driving greater economic and social benefits by broadening our domestic and international destinations and contributing to Newcastle’s transformation from a major regional hub into an international destination and a significant second international gateway to NSW, is key to our purpose,” he said.
Dr Cock said Newcastle Airport was also committed to reducing its environmental footprint, with the expanded terminal building being designed and to be operated with 5-star Green Star rating accreditation.