The total is equivalent to 6.4% of the gross state product of New South Wales (NSW) and 8.9% of all jobs.
The economic contribution of Sydney Airport was officially released at the Preparing for Take-off Western Sydney Airport conference today.
“Sydney Airport, like airports around the world, is an economic powerhouse driving jobs and economic growth,” said Sydney Airport's managing director and CEO, Kerrie Mather.
“Not only is Sydney Airport the gateway to Australia, welcoming 38.5 million passengers last year, but the airport also invests in capital works, creates jobs, facilitates trade, attracts new investment, grows tourism and strengthens the competitiveness of the NSW visitor economy.
“This report outlines our economic contribution and forecasts that the economic activity generated by Sydney Airport will increase to over $54.5 billion and jobs will grow to 507,000 over the next 20 years.
“Since 2002, the airport has invested $2.66 billion in capital works and plans to invest a further $1.2 billion over the next five years.”
Sydney Airport previously commissioned Deloitte Access Economics to conduct an economic contribution study in 2012 and the report has been updated to reflect the increased economic activity and jobs generated by the airport.
“In just two years, an additional 23,000 jobs have been created, more than 1,000 of which are at the airport itself, with more than 29,000 jobs now on-airport,” added Mather.
“Importantly, Sydney Airport is a major jobs generator for local communities, with more than 75% of on-airport workers living in areas near the airport, while the average Full Time Equivalent (FTE) wage of a worker at the airport precinct is 12 per cent higher than the NSW average.”
The report highlights the importance of the Chinese passenger market, which is Sydney Airport’s second largest and fastest growing market.
“An additional daily A380 service to Sydney from China would have a positive economic impact, contributing an estimated $451 million to the Australian economy, $271 million to Australia’s household income and 5,260 jobs over a year,” revealed Mather.
It also emphasises the value of air freight, which is important to business and airlines as it creates additional revenue to support the economic viability of an air route.
“Sydney Airport is Australia’s largest international and domestic air freight hub, facilitating the export of $14.6 billion worth of freight in 2014," enthused Mather.
To download the full report, visit www.sydneyairport.com.au/corporate/about-us/overview/fact-sheets/economic-impact.aspx