SYDNEY (Reuters) - Australia has approved a $2.4 billion (1.4 billion pounds) project to build a long-awaited second airport for Sydney, likely boosting near-term investment and jobs in a bet that the city's air travel demand will grow enough to justify a surge in terminal capacity.
Prime Minister Tony Abbott announced the plan on Tuesday, saying he expects work at the Badgerys Creek site in Western Sydney, 60 kilometres from the city centre, to begin in 2016. The A$2.5 billion (1.4 billion pounds) project will be funded mostly by the private sector, he said, with first flights expected in the mid-2020s.
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