Newcastle Airport debt rises to $340 million

Newcastle Airport's total debt liability has increased by $105 million over the past financial year, reaching $340 million as of the end of June. This follows a previous debt level of $235 million.

The increase follows cost blowouts related to a new international terminal and expenditures on the airport's property development business. While the airport has denied facing financial trouble, the rising debt has drawn criticism from former Port Stephens mayor and MP Craig Baumann, who expressed concern regarding the management of the mounting liabilities.

An annual general meeting with shareholders and the Newcastle and Port Stephens councils is scheduled for next Friday. An airport spokeswoman stated the organization would not verify or comment on financial information prior to the meeting but offered an interview with CEO Linc Horton following the event.