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Launceston Airport was privatised 20 years ago on Tuesday, when the Federal Airports Corporation, which had controlled the airport for the previous decade, formally handed control to the new operators, Australia Pacific Airports Corporation.
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The Launceston City Council agreed to take a 10 per cent interest in the venture.
The acquisition was operated under a 50-year lease from the Commonwealth, with options for a further 49 years.
APAC is a majority Australian-owned privately-held corporation, owned by institutional investors, predominantly superannuation/pension funds.
At the time then APAC chief executive Terry Morgan said that APAC was confident of reversing the downwards trend in passenger numbers, and would aim for a steady growth of between 3 and 5 per cent a year over the next few years.
"Launceston Airport should be marketed and developed as the gateway to an outstanding tourist region - we'll be in competition with Hobart but we won't be trying to steal existing air traffic from them,” he said.
"We'll just make sure we get a fair share of the expected overall growth and also maintain Launceston as the fly-drive centre for the State.
"We also need to look at encouraging international airline operators now using Melbourne airport to include a cheap add-on ticket to Launceston.
Back then no-one predicted just how much air travel to Launceston would grow.
In the 1996-97 financial year Launceston Airport handled 575,000 passengers.
Last year it handled 1.34 million passengers to become Australia’s 12th busiest airport for the country’s 21st most populous destination city.
It’s also won the Major Airport of the Year in Australia award for the last three years in a row.
And while only 29 staff work for Launceston Airport directly, there are more than 400 people working for the various businesses on the airport site.
The airport vision is to be “the port of choice and tourism gateway to Tasmania” and among a range of measures to gauge satisfaction, Launceston Airport has the highest Facebook review star rating of any of the top 15 Airports in Australia.
Through driving improved air access, introducing more flights, providing the required infrastructure to support growth and offering promotional/advertising opportunities within the facility, the airport helps deliver sustainable and repeat tourism business, supporting the industry and broader economic activity in Tasmania.
The Launceston Airport is also known for its commitment to biosecurity and enviable safety record, giving ease of mind to travellers.