Federal Airports Corporation
Encyclopedia
The Federal Airports Corporation (FAC) was a business enterprise of the Government of Australia
responsible for the operation of major passenger airports in Australia
. At the beginning of 1997 the corporation operated 22 airports and handled over 60 million passenger annually.
It was established by an Act of Parliament in 1987 and commenced operation in January 1988. Discussion of the privatisation of airport operation in Australia commenced in the early 1990s, with a firm decision made in 1996. Each airport would be leased to an individual operator for 50 years, with an option for a 49 year extension. On 30 June 1998 all significant assets and liabilities of the FAC were transferred to the new airport lessee companies. However, the FAC continued airport operations until 24 September 1998 and the transfer of residual assets and liabilities to the Commonwealth of Australia was not completed until 8 September 1999.
Government of Australia
The Commonwealth of Australia is a federal constitutional monarchy under a parliamentary democracy. The Commonwealth of Australia was formed in 1901 as a result of an agreement among six self-governing British colonies, which became the six states...
responsible for the operation of major passenger airports in Australia
Australia
Australia , officially the Commonwealth of Australia, is a country in the Southern Hemisphere comprising the mainland of the Australian continent, the island of Tasmania, and numerous smaller islands in the Indian and Pacific Oceans. It is the world's sixth-largest country by total area...
. At the beginning of 1997 the corporation operated 22 airports and handled over 60 million passenger annually.
It was established by an Act of Parliament in 1987 and commenced operation in January 1988. Discussion of the privatisation of airport operation in Australia commenced in the early 1990s, with a firm decision made in 1996. Each airport would be leased to an individual operator for 50 years, with an option for a 49 year extension. On 30 June 1998 all significant assets and liabilities of the FAC were transferred to the new airport lessee companies. However, the FAC continued airport operations until 24 September 1998 and the transfer of residual assets and liabilities to the Commonwealth of Australia was not completed until 8 September 1999.
Further reading
- Eades, Jim. (1998) Reshaping Australia's Aviation Landscape: The Federal Airports Corporation 1986-1998. Focus Publishing.