Sydney’s getting a second airport, but it’s not bad news for the existing Mascot facility’s owners.
Deutsche Bank has a note out, which uses international comparisons to show likely passenger growth will be steady, despite the added competition.
(Assuming the site is developed by a competitor — Sydney Airport has first right of refusal.)
It’s also maintained its buy status for Sydney Airport Holdings Ltd, which was trading down 0.24% today.
Either way, it will be a while until anyone needs to worry, with the first planes expected at Badgerys Creek from 2025.
This chart shows that, in London — which has Heathrow, Gatwick and Stansted — passenger growth wasn’t hurt by competition.