Australia’s corporate watchdog has slammed Sydney Airport for its sky-high car parking fees that now represent 73 cents pure profit on every dollar of revenue.
An ACCC investigation has found the airport now gets a greater profit margin from cars than it does from aircraft.
Sydney Airport Corporation posted a profit of $790 million in the past financial year, with car parks contributing $134m.
“Consumers don’t feel they’ve got much choice,” ACCC chairman Rod Sims said.
“That allows Sydney Airport to set very high levels of charges.”
According to the parking figures, every single car space rakes in $8400 a year.
Drive-up parking at the domestic terminals starts at $9, but for more than three hours, that figure rises to $60.50.
“Oh we think these charges are too high, there’s no doubt about that,” Mr Sims said.
Sydney Airport has also removed kerbside collection areas outside the terminal, replacing it with a new Express Pickup zone, which is a few hundred metres away from the arrivals hall.
In those areas, motorists who stay longer than 15 minutes will be slugged $7.50.
Consumers are being encouraged to book airport car parking online, where motorists can save up to 40 per cent on the bill.