City of Newcastle and Port Stephens Council welcome confirmation today from the Office of Local Government (OLG) that ratepayers are not exposed to any financial risk associated with Newcastle Airport.
The OLG recently undertook a review of the financial relationship between Newcastle Airport and its shareholder Councils (City of Newcastle and Port Stephens Council).
The review found that the OLG is satisfied that the airport's operations and securitisation of its assets will not adversely affect the financial sustainability or operational capacity of either Council.
The outcome of the OLG's review into the Airport's financial structure is welcomed and we look forward to focusing on the Airport's strategic role in driving the growth of tourism, exports and local economies for the future of the Hunter.
