Location via proxy:   [ UP ]  
[Report a bug]   [Manage cookies]                
Jump to content

Airport Link Company

From Wikipedia, the free encyclopedia

Airport Link Company
ParentUniversities Superannuation Scheme
Founded1995
Service areaSydney
Service typeCommuter rail
Stations4

The Airport Link Company (AirportLink Pty Ltd) is the operator of the Green Square, Mascot, Domestic Airport and International Airport railway stations on the Airport Link tunnel in Sydney, Australia. The line is serviced by T8 Airport & South Line services of the Sydney Trains network. The company has a 30 year public private partnership to operate the stations, running until 2030.

History

[edit]

In July 1994, Australian investment company Transfield Holdings and French construction company Bouygues formed the Airport Link Company, which signed a public private partnership (PPP) with the Government of New South Wales to build and operate Airport Link – an extension of the Sydney Trains network to Sydney Airport.[1]

As part of the agreement, Airport Link Company would construct the tunnels and the stations, before operating them over a period of 30 years – paying back the construction cost with a surcharge fare for passengers who use the stations.[2] Construction began in February 1995, with the tunnel and the Airport Link stations opening on 21 May 2000.[1]

In 2001, the Airport Link Company was placed in receivership after defaulting on its finance arrangements, with patronage figures only one quarter of forecasted figures, exposing the government to costs of around A$800 million.[3][4] State Rail blamed "lower than expected patronage" and stated it was working with the company to increase it.[5] In October 2005, the Government and the company signed a revised agreement on revenue and patronage, settling the latter's claims against the former. The Government paid A$34 million to the company, with another A$73 million due as CityRail earns revenue from Airport Line business.[6]

The Airport Link Company was put up for sale in early 2006, and was purchased by Westpac.[7] In 2009, the business made a profit of A$5.8 million which increased to A$9.3 million in 2010.[8][9]

An A set at Domestic Airport station

In March 2011, it was announced that the Government of New South Wales would cover the cost of the station access fee at Green Square and Mascot stations, meaning that passengers no longer need to pay a surcharge to access these stations. To compensate Airport Link Company, the government now pays the company a 'shadow' station usage fee at a fixed contracted rate of approximately $2.08 per entry and exit of these stations.[10] A fee remains in place for Domestic and International stations.[11] Patronage on the link had been growing at 20% per year, but between March and June 2011 patronage increased by 70% as a result of the reduced fares.[12][13]

In 2013, Universities Superannuation Scheme (USS) bought 49.9% of Airport Link Company from Hastings Funds Management-managed Westpac Essential Services Trust, adding to the stake it already owned. As a result, USS took control of the Airport Link Company.[14][15]

Although often perceived as all going to the Airport Link Company, under the revenue sharing agreement, from August 2014 85% of revenues raised by the access fee go to the State Government.[16] From 2015 to 2018, the Government of New South Wales received the total net revenue amount of $197.6 million from the station access fee.[17]

The 30-year public–private partnership will end on 20 May 2030,[18][19]: 20  at which point the infrastructure will belong to the NSW Government.[19]: 21 

References

[edit]
  1. ^ a b "Sydney Airport Rail Link". Transfield Holdings. Retrieved 2 May 2024.
  2. ^ The Opening of Sydney's New Southern Railway, Transit Australia, Vol 55 no 7, July 2000.
  3. ^ "Sydney Airport Link Company in Receivership", Railway Digest, p. 6, January 2001
  4. ^ "Sydney Airport Link Company in Receivership" Railway Digest January 2001 page 6
  5. ^ "2000–2001 Annual Report" (PDF). State Rail Authority. 12 October 2000. Archived from the original (PDF) on 21 March 2016. Retrieved 23 May 2016.
  6. ^ "Annual Report 2005/06" (PDF). State Rail Authority. 15 September 2006. pp. 59, 81. Archived from the original (PDF) on 21 March 2016. Retrieved 23 May 2016.
  7. ^ Baker, Jordan; Nixon, Sherrill (11 March 2006). "For sale: ghost train to Sydney Airport". The Sydney Morning Herald. Archived from the original on 28 January 2007. Retrieved 30 December 2006.
  8. ^ Saulwick, Jacob; Besser, Linton (19 February 2011). "Cheaper for some on airport rail link". The Sydney Morning Herald. Archived from the original on 24 September 2015. Retrieved 12 April 2016.
  9. ^ Baker, Jordan (27 July 2006). "Westpac to bring airport ghost train back from dead". The Sydney Morning Herald. Archived from the original on 11 September 2017. Retrieved 29 May 2017.
  10. ^ Removing or reducing station access fees at Sydney Airport, Final Report 2013-02-28. [1] Archived 4 March 2016 at the Wayback Machine. Chapter 2.2 p8
  11. ^ Green Square and Mascot commuters to save $17 a week Archived 21 July 2011 at the Wayback Machine CityRail. 2 March 2011.
  12. ^ Train fares to fall at two stations Sydney Morning Herald 2 March 2011
  13. ^ Tickets sales rocket on airport line as prices plunge Sydney Morning Herald 9 June 2011
  14. ^ "USS takes almost half of Australian public transport company". Pensions Age. 2 December 2013. Retrieved 9 November 2020.
  15. ^ "Awarded projects". NSW Treasury. Retrieved 9 November 2020.
  16. ^ Removing or reducing station access fees at Sydney Airport Archived 4 March 2016 at the Wayback Machine NSW Parliament 28 February 2014
  17. ^ "Budget Estimates 2018-2019 Transport and Infrastructure" (PDF). New South Wales Legislative Council. 31 August 2018.
  18. ^ O'Sullivan, Matt (13 January 2019). "State reaps $310m over four years from station fees on Airport Line". The Sydney Morning Herald. Archived from the original on 8 November 2020. Retrieved 24 January 2021.
  19. ^ a b Maclaren-Jones, Natasha; Blair, Niall; MacDonald, Scot; Faruqi, Mehreen; Sharpe, Penny; Veitch, Mick; Green, Paul (28 February 2014). "Removing or reducing station access fees at Sydney Airport" (PDF). General Purpose Standing Committee No. 3. Report 29. ISBN 9781920788650. Archived (PDF) from the original on 23 September 2024. Retrieved 4 January 2024 – via New South Wales Legislative Council.
[edit]
Retrieved from "https://en.wikipedia.org/w/index.php?title=Airport_Link_Company&oldid=1247196235"