Bill to ratify Cape Town Convention introduced

Infrastructure and Transport Minister Anthony Alabanese has introduced a Bill to parliament which will ratify Australia’s signature of the Cape Town Convention, which promises more affordable aircraft financing

“By acceding to this convention, Australian airlines of all sizes will be able to access cheaper finance when purchasing aircraft, jet engines or helicopters,” Minister Albanese said in introducing the ‘International Interests in Mobile Equipment’ Bill. “It is estimated that Australian airlines could save in the order of $2.5 million on the purchase of a new Airbus A380 and airlines operating smaller aircraft could save around $330,000 on the purchase of a new ATR 72 aircraft — like those flown by Virgin Australia.”