Australian Airports Earn $1B Profit in FY24
The four largest airports in Australia delivered a remarkable performance in the 2023–24 fiscal year, collectively earning an operating profit of A$1 billion (approximately $635 million) from aeronautical revenue. This strong financial result came as the airports resumed major infrastructure investments after a pandemic-related pause, according to the latest Airport Monitoring Report issued by the Australian Competition and Consumer Commission (ACCC).
Brisbane (BNE), Melbourne (MEL), Perth (PER), and Sydney (SYD) together increased their aeronautical revenue by 24.3% year-over-year, reaching A$2.6 billion in the 2023–24 fiscal year. Each airport reported its highest-ever annual revenue from aeronautical services—payments made by airlines for use of runways, terminals, and related facilities—even though passenger numbers at three of the four airports have not yet returned to pre-pandemic levels.
Passenger traffic across the four airports grew to 114.6 million in 2023–24, a 13.7% increase from the previous year. However, this figure remains 4.7% below the 2018–19 levels. Among the major hubs, Sydney Airport led with an operating profit of A$570.5 million, marking a 126.7% increase year-over-year and 17.6% above 2018–19 figures. It is important to note that part of Sydney’s strong performance was driven by back-payments from airlines for services provided in the prior fiscal year.
Melbourne Airport followed with an operating profit of A$198.9 million, up 64.1% from the previous year, although 14.7% below its pre-pandemic levels. Brisbane Airport posted an operating profit of A$194.7 million, which was also a 64.1% increase year-over-year, yet 14.1% lower compared to 2018–19. In contrast, Perth Airport experienced a 29.1% decline in its aeronautical operating profit, falling to A$70.7 million—a figure 22.2% below pre-pandemic performance. The ACCC attributed Perth’s decline to rising operating costs, particularly those related to enhanced security measures.
Per-passenger aeronautical revenue also showed notable shifts. Sydney generated A$29.36 per passenger in 2023–24—a 20.6% increase year-over-year—while Brisbane, Melbourne, and Perth reported mixed results. Overall, the growth in aeronautical revenue was largely driven by a 32.1% increase in international passenger numbers, supplemented by a modest 6.7% rise in domestic travel.
After years of limited investment due to the pandemic, the four airports collectively reinvested A$985.1 million in aeronautical facilities during 2023–24. Melbourne led with A$502.3 million, followed by Sydney’s A$221.3 million, Brisbane’s A$193.3 million, and Perth’s A$65.2 million. These investments cover new runways, terminal upgrades, and extensive refurbishments, as well as plans for new terminals at select locations.
In addition to aeronautical revenue, the airports increased non-aeronautical income. Combined profits from car parking reached A$387.8 million, with Brisbane topping the list at A$113.4 million. Revenues from landside transport services, such as taxi and rideshare access, grew by 17.9% to A$69.6 million.
The ACCC, which issues these annual monitoring reports to enhance transparency without imposing strict regulation, warned that as regional monopolies, these airports could potentially exercise market power to the detriment of users. Nonetheless, passenger satisfaction remains high, with overall service quality rated “good” across the board.
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