Government paid 10 times what Western Sydney Airport land was worth, audit finds

By Matthew Doran, originally published by the ABC on the 21st of September.

The Federal Government bought land from a billionaire family at 10 times its market value in a “significant and unusual transaction” linked to the development of Western Sydney Airport, according to the Australian National Audit Office.

The 12-hectare pocket of land was bought by the Commonwealth for $29.8 million from the Leppington Pastoral Company (LPC) in 2018, but less than a year later the Government estimated the plot was worth just over $3 million.

Read the full article here.

The full ANAO Report is available here.