Australia extends Tripartite Deed protection to nine airports

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The Australian Government has extended the protection of a Tripartite Deed to nine federally leased airports.

The airports are Parafield, Archerfield, Tennant Creek, Camden, Essendon, Mount Isa, Jandakot, Moorabbin and Hobart, says the Australian transport ministry in a statement.

In 2011, the government extended the existing tripartite deeds for 12 major airports by 30 years. The move allowed the airports to secure a planned investment of up to A$9 billion ($9.29 billion) to expand and modernise their facilities.

Tripartite Deeds clarify the rights of financers in the event an operator of a federally leased airport, to which they have lent money, goes out of business or loses its operating licence.

The deeds has given financiers the confidence to invest and operators the certainty to plan for the long term, says the Australian transport ministry.

With the extension to nine airports, the government offers the protection to all its federally leased airports. The terms for protection are the same as those for other major airports.