•   This Act sets up a system for regulating airports.

•   A Commonwealth - owned airport can only be leased to a company. The company is called an airport - lessee company .

•   There will only be one airport - lessee company for each airport and the company will not be allowed to lease another airport.

•   An airport - lessee company's sole business will be to run the airport.

•   An airport - lessee company can contract out the management of the airport to another company. The other company is called an airport - management company .

•   This Act uses the term airport - operator company to cover both airport - lessee companies and airport - management companies.

•   Airport - operator companies are subject to the following ownership restrictions:

  (a)   a 49% limit on foreign ownership;

  (b)   a 5% limit on airline ownership for certain airports;

  (c)   a 15% limit on cross - ownership for Sydney (Kingsford - Smith)/Melbourne, Sydney (Kingsford - Smith)/Brisbane and Sydney (Kingsford - Smith)/Perth airports.

•   For each airport, there will be an airport master plan.

•   Major development plans will be required for significant developments at airports.

•   Building activities on airport sites will require approval.

•   Buildings and structures on airport sites must be certified as complying with the regulations.

•   For each airport, there will be an environment strategy.

•   The regulations may deal with environmental standards at airport sites.

•   An airport - operator company may be required to give accounts and reports to the Australian Competition and Consumer Commission.

•   The regulations may require the Australian Competition and Consumer Commission to monitor the quality of certain aspects of airport services and facilities.

•   Airport - lessee companies must give written consent before airport sites are varied or closed.

•   The regulations may implement certain international agreements relating to airports.

•   The regulations may deal with the control of the following matters at airports:

  (a)   liquor;

  (b)   commercial trading;

  (c)   vehicle movements;

  (d)   gambling;

  (e)   smoking.

•   The regulations may control intrusions into prescribed airspace around airports.

•   The Minister may formulate demand management schemes for airports.

•   Air traffic services, and aerodrome rescue and fire fighting services, must not be provided at airports without the approval of the Civil Aviation Safety Authority.