Minister for Finance and Administration
                     The Hon. John Fahey MP

    Minister for Transport and Regional
                      Development
                     The Hon. Mark Vaile MP

       - JOINT MEDIA RELEASE

                New operator for Archerfield Airport

We are pleased to announce the sale of a long-term lease for the operation of Archerfield
Airport in Queensland to the Archerfield Airport Corporation for $3.lmillion

Archerfield Airport Corporation is owned by Miengrove Ply Ltd, a Company associated with
the interests of local businessman Mr Gavin Bird.

Archerfield Airport Corporation is expected to assume full operational control of the
airport before 30 June 1998.

Archerfield Airport Corporation has consulted extensively with local authorities throughout
the bid process and will utilise the experience of current airport staff while continuing
to develop the commercial opportunities around the airport.

As part of the sales process the Commonwealth has sought to ensure that the historic
cemetery situated on the airport site will be maintained in the interests of the local
community.

The Government set a number of sales and ongoing objectives to be met by winning
bidder. Apart from net proceeds on a risk-adjusted basis to the Commonwealth, financial
strength and management capabilities to operate and develop airports, extent of local
participation, airport development plans and commitment to the effective development of
airport services, environmental credentials and equitable treatment of FAC employees have
been assessed across all the bids.

Overall the sale of leases for 14 airports in this second phase of Commonwealth Government
airport divestment has realised proceeds of $730 million. This representative price earings
multiple for these airports of 17.6, only fractionally below the comparable 18.3 multiple
achieved in the sale of leases for the larger Phase I airports of Melbourne, Brisbane and
Perth.

The excellent sales results achieved for the 14 airports reflects the highly competitive
sale process. The key outcomes achieved in the Phase 2 sales include the following:

 * Real price reductions in aeronautical charges core regulated airports averaging 3.2%
    pa over the next 5 years.

 * Diversity of ownership with 9 different consortia winning ownership of the 14 Phase 2
    airports, meeting the Commonwealth objectives for a strong and competitive industry

 * Elimination of ongoing risk to the Commonwealth in respect of ownership of the 14
    Phase 2 airports.

 * Strong management capability and commitment backed by financial strength for the
    purchasers of the Phase 2 airports.

 * Strong level of local participation particularly for the non-capital city airports both
    in respect of equity participation by local business and councils and consultative
    mechanisms with the local community.

 * Strong development and maintenance commitments and plans with various
    development commitments proposed totalling $163 million for the 14 airports.

The purchasers of leases for 10 phase 2 airports were announced in March at the same time
as it was indicated there would be a limited rebid for the balance of the airports. The
selection of the purchasers for leases of the 14 airport following the shortlisting of
bidders in November last year following a call for expressions of interest. All airport
are to be leased for a 50 year period with an option for a further 49 years. A condition
of each lease is they continue to function as airports.


Canberra 8 April 1998