Newcastle Airport CEO Peter Cock
I would like to address and dispel recent media reports from the Newcastle Herald suggesting that Newcastle Airport is facing financial difficulties. We adhere to best practice guidelines, and as part of our standard operational procedures, we provide monthly financial reporting to the Board.
There are other factual misrepresentations in the article around the Airport’s structure and decision making. As part of fair and accurate reporting, it is extremely concerning that, at no stage, was Newcastle Airport contacted to verify or provide context to information incorrectly reported on. Misrepresenting an internal, confidential board paper does not accurately reflect the financial health of Newcastle Airport. We stringently report on potential risks, but our financial status remains robust, with a healthy working capital.
Newcastle Airport is undergoing a once-in-a-generation terminal expansion with doors to open 1 August 2025. Cost and supply chain challenges have been felt globally and are not unique to Newcastle Airport. Each month our management team reviews and prepares a financial forecast across the business, which is then analysed by our experienced Board of Directors.
Our Board resolved that the company remain solvent which is consistent with management recommendations.
Newcastle Airport Chair Jude Munro AO
I am disappointed to learn that our commitment to good governance and ongoing risk management analysis has been misrepresented, leading to inaccurate reports about our financial status.
Our Board of Directors, known for their experience and expertise, passed a resolution and directed the Airport leadership team for prudent management to maintain cash reserves. This decision aligns with our best practice standards as a skills-based and risk-averse Board.
During times of extraordinary company growth, it is normal, prudent and standard business practice to prioritise company expenditures. Our Board of Directors and Airport leadership team are aligned and have been working closely together with full financial transparency.
I stand firmly behind the qualifications and recommendations of our Board and I cannot stand by and allow their integrity to be questioned.
Newcastle Airport
Newcastle Airport is the gateway to Australia’s largest regional economy, with more than $43 billion annual output and 48,500 businesses. Jointly owned by City of Newcastle and Port Stephens Council, we are governed by an independent, skills-based Board of Directors.