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Australia's Sydney Airport on Sale
Sydney Airport is to be sold in October, according to The Sydney Morning Herald Saturday, August 25.
Three consortiums are bidding for the airport and the top bid believed to be about 4.8 billion Australian dollars (2.568 billion U.S. dollars), the report said.
The Australian government will take just two weeks to assess the offers after the September 17 deadline and the winning bid must be paid in full by the end of October, the daily said.
Earlier, the government said the proceeds would be used to pay off debt.
Official statistics showed the Australian government is in debt of 56.3 billion Australian dollars (about 30 billion U.S. dollars) in the 1999-2000 financial year while banks are heavily in debt to foreign lenders owing them 246 billion Australian dollars (131.61 billion U.S. dollars).
The country shifted from savings to debt 20 years ago and since then has spent on average 1.05 dollar for every 1 dollar it has earned.
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