Australia’s largest airports all reported record high aeronautical revenues in 2023-2024, as passenger numbers near a recovery to pre-pandemic levels.
Total passenger numbers at these airports grew by 13.7% to 114.6 million, according to the ACCC’s Airport Monitoring Report. This is still 4.7% below 2018-2019 passenger numbers, however.
“The increase in aeronautical revenues in 2023-24 was driven in large part by the continued recovery in international passenger numbers, which rose by 32.1% at the four airports monitored in our report,” said ACCC commissioner Anna Brakey.
International passenger numbers at these major airports reached 36.9 million in 2023-2024. Domestic passenger numbers grew by 6.7% to 77.6 million.
The 2018-2019 period saw more than 120 million passengers at these airports.
Aeronautical revenue reached a new record for all four major airports, and is now 8.2% above pre-pandemic levels. Sydney Airport saw the highest aeronautical revenue at $1.19 billion, up 37.6%.
Three of these major airports reported an increase in revenue per passenger. Sydney Airport saw the highest growth, rising by 20.6% to $29.36, while Perth’s revenue per passenger fell by 8.6% to $18.57.
“Sydney Airport was once again clearly the most profitable of the four major airports for aeronautical services in 2023-24, both in aggregate and on a per-passenger basis,” said Brakey.
Sydney Airport’s operating profit was $570.5 million, representing a 20.2% return on assets.
Melbourne Airport posted a profit of $198.9 million, while Brisbane Airport’s profit was $194.7 million. Perth Airport’s operating profit fell by 29.1% to $70.7 million.
All four airports increased investment into their facilities in the 2023-2024 period. Melbourne Airport has pledged the most at $502.3 million, while Sydney and Brisbane Airports both posted a rise in investment above 100%.
Melbourne Airport’s third runway is expected to open in 2031, with a rail link to the airport also planned. Brisbane Airport is upgrading its domestic terminal and carpark facilities ahead of the 2032 Olympic Games.
