Australian airports now the most profitable in the world
Australia’s airports are now the most profitable in the world by international standards.
Former ACCC chairman Graeme Samuel says the perception that out airports are “cash cows” is no longer a perception.
He tells John Stanley it’s an “absolute reality”.
Now Chairman of Airlines for Australia and New Zealand, Mr Samuel says our airports are earning insane profits at the expense of consumers.
“On average, they make $27 profit per vehicle that parks in their carparks.
“If we look at the international comparison, they are the most profitable in the world.”
He says the average profit of an airport worldwide is 53 per cent but Aussie airports are earning up to 80 per cent profit.
“That’s the sort of margins we’re talking about,” Mr Samuel says.
“Something’s wrong. I’ll tell you what it is, they are monopolists.”
Click PLAY below for the full interview
The former ACCC boss says the consumer watchdog now needs to step in to mediate agreements.
“We simply let the ACCC step in when we can’t reach an agreement – between either an airline and an airport or a retail operator and an airport.
“The ACCC will act as the final arbitrator of what is reasonable and fair.”