Newcastle Airport is looking to spread its wings, with a new $240 million deal from Commonwealth Bank that is aimed to develop a new international terminal at the airport.
The full deal will allow Newcastle Airport to expand its domestic capacity and accelerate the activation of Astra Aerolab, which includes the development of a commercial A-grade office and industrial facilities.
Paul Fowler, the regional and agribusiness banking executive general manager of Commonwealth Bank (CBA), said Newcastle Airport was critical to the development 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,” Fowler said to Newcastle Weekly.
“CBA is proud to partner with Newcastle Airport on this exciting project.”
CommBank’s regional and agribusiness banking NSW Newcastle and Hunter Valley executive manager, Paul Cragg, said the bank had supported businesses across the Hunter Region for more than 100 years.
“The Hunter population is expected to increase to around 950,000 people by 2041 with Newcastle as a centre for industry innovation,” Cragg said.
“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.
“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 is committed to reducing its environmental footprint around the airport, according to Newcastle Airport CEO Dr Peter Cock, who emphasised the benefits this expansion will have 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.
The airport’s expansions are to be built and designed to be operated with a 5-star Green Star rating accreditation. This will feature a solar-powered covered car park that will power more than 30 per cent of the airport.
Newcastle Airport is currently the second busiest airport in NSW and generates around $1.2b annually. It services 12 domestic routes with six domestic airlines and caters for about 1.3m passengers per year.
The expansion of the airport is set to bring in about 2.3m passengers a year by fiscal 2028.
Featured Image: (Left-Right) CBA relationship executive regional & agribusiness banking NSW Hunter & Central Coast James Hodgson; NTL CEO Peter Cock; NTL CFO Allanna Ryan; CBA executive manager regional & agribusiness banking NSW Newcastle & Hunter Valley Paul Cragg.
