Lactalis gets pre-emptive ACCC green light for Fonterra spin-off sale
The sale of Fonterra's consumer products business will shake up the country's agricultural industry, given many farmers already sell milk to the company and to its potential suitors like Lactalis.
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Perth Now
26 minutes ago
- Perth Now
UEFA drop bombshell as Crystal Palace demoted
Premier League side Crystal Palace have been dropped from the Europa League to the third-tier Conference League in a multi-club ownership case. Olympique Lyonnais will now also be allowed to play in the Europa League, UEFA said on Friday, with Nottingham Forest also said to be in line for a spot in the same competition. Palace had qualified for the Europa League by winning the FA Cup last season, while Lyon reached the competition by finishing sixth in Ligue 1. A move to relegate them to France's domestic second-tier Ligue 2 over their poor finances was overturned on Wednesday, a decision UEFA's Club Financial Control Body (CFCB) had been waiting for before ruling on the multi-club ownership case. "Consequently, the CFCB First Chamber pursued the assessment of the documentation submitted by Olympique Lyonnais and Crystal Palace and concluded that the clubs breached, as at March 1, 2025, the multi-club ownership criteria," UEFA said in a statement. As both Lyon and Palace had qualified for the Europa League, the French club was allowed to keep their place as they finished higher in their respective league, with Palace finishing 12th in the Premier League. The Eagle Football Group are majority owners of Lyon while their chairman John Textor also owns a controlling stake in Palace. Textor later resigned from Lyon's board of directors with Michele Kang appointed chairwoman and president. Palace said last month New York Jets co-owner Robert Wood "Woody" Johnson had signed a legally binding agreement to buy Eagle Football Holding's stake in the Premier League club, subject to approval from the Premier League. However, Palace had missed the March deadline to comply with the multi-club ownership rules. "Honestly, I am stunned. We did everything possible to separate from the club, as UEFA would ask, with a sale process that began before the deadline, and a sale that will occur well before the draw," Textor told Reuters. "Now we have sold out of a club that I love, to help Palace fans continue this dream year, only to have another off-the-pitch decision lay waste to an historic sporting victory." Lyon had been demoted by the DNCG, French football's financial watchdog, in November due to the poor state of their finances but their relegation to Ligue 2 was overturned by its appeals committee. Palace can still appeal against the decision at the Court of Arbitration for Sport but if UEFA's decision stands, the rules could allow Nottingham Forest to play in the Europa League if they fulfil the admission criteria. Forest had finished seventh last season and originally qualified for the Conference League while fifth-placed Aston Villa and Palace had qualified for the Europa League. Palace chairman Steve Parish was also shocked by the decision. "We're devastated. It's a bad day for football. It's a terrible injustice," Parish told Sky Sports. "I do believe nobody wants to see this. I don't think UEFA wants to see this. We've been locked out of a European competition on the most ridiculous technicality. Supporters of all clubs should be devastated for us. "Everyone knows we're not part of a multi-club set-up. We're caught up in a rule that wasn't put there for us. This is a ludicrous decision. We will ask the appeal court to listen to our argument."
The Advertiser
4 hours ago
- The Advertiser
Employers urged to double down on workplace diversity
Australian workplaces are being urged to double down on diversity, equity and inclusion programs rather than follow the United States in dismantling them. Known colloquially as DEI, these initiatives are designed to create a fair and inclusive workplace with diverse people, where the playing field is levelled and all feel welcome. Since his most recent election as United States president, Donald Trump has wound back government DEI programs with many private sector companies following suit. But the former head of the Australian Retailers Association, Paul Zahra, wants Australian businesses to take a different path. Recently appointed patron of Pride in Diversity, an organisation that supports employers in all aspects of LGBTQ workplace inclusion, Mr Zahra said the need for diverse visibility had never been greater. When appointed chief executive of David Jones in 2010, he was the only openly gay leader in the ASX 200. During his time at the retailers association, Mr Zahra then championed DEI by signing retailers up to gender and LGBTQI equity statements and advocating for First Nations peoples. "I bring lived experience and I understand the complexities," he told AAP. "For LGBTQI people there is still a social taboo and it's not always socially acceptable." But rather than going down a rabbit hole of winding programs back, diversity, equity and inclusion should represent an opportunity for employers. "People need to see it as an economic imperative and what is happening in the US means Australia can position itself advantageously," Mr Zahra said. "While Washington rolls back DEI initiatives ... Australia has a unique chance to position itself as a global leader in inclusive business practices and reap the substantial economic benefits that come with it." The White House has defended its shutting down of DEI programs within government, calling the framework a form of discrimination and says its transgender policy protects women by keeping transgender women out of shared spaces. But Mr Zahra, who led the retailers association through the COVID-19 pandemic which was one of the toughest periods in retail history, said he had seen time and again how diverse leadership teams outperformed homogeneous ones. "As this continues in the US, more of the talent will be forced out and Australia has a real opportunity to capture that talent," he said. "When your competitors abandon proven business practices, Australia can capture the talent that values inclusion." Recent Diversity Council Australia research shows some progress has been made in Australian workplaces towards diversity and inclusion but opposition to these efforts has doubled to seven per cent since 2017. Despite having more ways of reaching colleagues than ever, the Inclusion at Work Index found workers report feeling less connected and able to contribute to their teams. Australian workplaces are being urged to double down on diversity, equity and inclusion programs rather than follow the United States in dismantling them. Known colloquially as DEI, these initiatives are designed to create a fair and inclusive workplace with diverse people, where the playing field is levelled and all feel welcome. Since his most recent election as United States president, Donald Trump has wound back government DEI programs with many private sector companies following suit. But the former head of the Australian Retailers Association, Paul Zahra, wants Australian businesses to take a different path. Recently appointed patron of Pride in Diversity, an organisation that supports employers in all aspects of LGBTQ workplace inclusion, Mr Zahra said the need for diverse visibility had never been greater. When appointed chief executive of David Jones in 2010, he was the only openly gay leader in the ASX 200. During his time at the retailers association, Mr Zahra then championed DEI by signing retailers up to gender and LGBTQI equity statements and advocating for First Nations peoples. "I bring lived experience and I understand the complexities," he told AAP. "For LGBTQI people there is still a social taboo and it's not always socially acceptable." But rather than going down a rabbit hole of winding programs back, diversity, equity and inclusion should represent an opportunity for employers. "People need to see it as an economic imperative and what is happening in the US means Australia can position itself advantageously," Mr Zahra said. "While Washington rolls back DEI initiatives ... Australia has a unique chance to position itself as a global leader in inclusive business practices and reap the substantial economic benefits that come with it." The White House has defended its shutting down of DEI programs within government, calling the framework a form of discrimination and says its transgender policy protects women by keeping transgender women out of shared spaces. But Mr Zahra, who led the retailers association through the COVID-19 pandemic which was one of the toughest periods in retail history, said he had seen time and again how diverse leadership teams outperformed homogeneous ones. "As this continues in the US, more of the talent will be forced out and Australia has a real opportunity to capture that talent," he said. "When your competitors abandon proven business practices, Australia can capture the talent that values inclusion." Recent Diversity Council Australia research shows some progress has been made in Australian workplaces towards diversity and inclusion but opposition to these efforts has doubled to seven per cent since 2017. Despite having more ways of reaching colleagues than ever, the Inclusion at Work Index found workers report feeling less connected and able to contribute to their teams. Australian workplaces are being urged to double down on diversity, equity and inclusion programs rather than follow the United States in dismantling them. Known colloquially as DEI, these initiatives are designed to create a fair and inclusive workplace with diverse people, where the playing field is levelled and all feel welcome. Since his most recent election as United States president, Donald Trump has wound back government DEI programs with many private sector companies following suit. But the former head of the Australian Retailers Association, Paul Zahra, wants Australian businesses to take a different path. Recently appointed patron of Pride in Diversity, an organisation that supports employers in all aspects of LGBTQ workplace inclusion, Mr Zahra said the need for diverse visibility had never been greater. When appointed chief executive of David Jones in 2010, he was the only openly gay leader in the ASX 200. During his time at the retailers association, Mr Zahra then championed DEI by signing retailers up to gender and LGBTQI equity statements and advocating for First Nations peoples. "I bring lived experience and I understand the complexities," he told AAP. "For LGBTQI people there is still a social taboo and it's not always socially acceptable." But rather than going down a rabbit hole of winding programs back, diversity, equity and inclusion should represent an opportunity for employers. "People need to see it as an economic imperative and what is happening in the US means Australia can position itself advantageously," Mr Zahra said. "While Washington rolls back DEI initiatives ... Australia has a unique chance to position itself as a global leader in inclusive business practices and reap the substantial economic benefits that come with it." The White House has defended its shutting down of DEI programs within government, calling the framework a form of discrimination and says its transgender policy protects women by keeping transgender women out of shared spaces. But Mr Zahra, who led the retailers association through the COVID-19 pandemic which was one of the toughest periods in retail history, said he had seen time and again how diverse leadership teams outperformed homogeneous ones. "As this continues in the US, more of the talent will be forced out and Australia has a real opportunity to capture that talent," he said. "When your competitors abandon proven business practices, Australia can capture the talent that values inclusion." Recent Diversity Council Australia research shows some progress has been made in Australian workplaces towards diversity and inclusion but opposition to these efforts has doubled to seven per cent since 2017. Despite having more ways of reaching colleagues than ever, the Inclusion at Work Index found workers report feeling less connected and able to contribute to their teams. Australian workplaces are being urged to double down on diversity, equity and inclusion programs rather than follow the United States in dismantling them. Known colloquially as DEI, these initiatives are designed to create a fair and inclusive workplace with diverse people, where the playing field is levelled and all feel welcome. Since his most recent election as United States president, Donald Trump has wound back government DEI programs with many private sector companies following suit. But the former head of the Australian Retailers Association, Paul Zahra, wants Australian businesses to take a different path. Recently appointed patron of Pride in Diversity, an organisation that supports employers in all aspects of LGBTQ workplace inclusion, Mr Zahra said the need for diverse visibility had never been greater. When appointed chief executive of David Jones in 2010, he was the only openly gay leader in the ASX 200. During his time at the retailers association, Mr Zahra then championed DEI by signing retailers up to gender and LGBTQI equity statements and advocating for First Nations peoples. "I bring lived experience and I understand the complexities," he told AAP. "For LGBTQI people there is still a social taboo and it's not always socially acceptable." But rather than going down a rabbit hole of winding programs back, diversity, equity and inclusion should represent an opportunity for employers. "People need to see it as an economic imperative and what is happening in the US means Australia can position itself advantageously," Mr Zahra said. "While Washington rolls back DEI initiatives ... Australia has a unique chance to position itself as a global leader in inclusive business practices and reap the substantial economic benefits that come with it." The White House has defended its shutting down of DEI programs within government, calling the framework a form of discrimination and says its transgender policy protects women by keeping transgender women out of shared spaces. But Mr Zahra, who led the retailers association through the COVID-19 pandemic which was one of the toughest periods in retail history, said he had seen time and again how diverse leadership teams outperformed homogeneous ones. "As this continues in the US, more of the talent will be forced out and Australia has a real opportunity to capture that talent," he said. "When your competitors abandon proven business practices, Australia can capture the talent that values inclusion." Recent Diversity Council Australia research shows some progress has been made in Australian workplaces towards diversity and inclusion but opposition to these efforts has doubled to seven per cent since 2017. Despite having more ways of reaching colleagues than ever, the Inclusion at Work Index found workers report feeling less connected and able to contribute to their teams.
The Advertiser
4 hours ago
- The Advertiser
Lockheed Martin confirms rethink on leasing Williamtown aerospace hub building
Defence contractor Lockheed Martin has confirmed it has gone back to the drawing board on plans to lease a building at the Williamtown aerospace hub to be built by Newcastle Airport's property development arm. Both the global giant and Newcastle Airport have declined to comment on an industry report that Newcastle Airport's finances were a "key issue" in Lockheed Martin's rethink. The new approach could see Lockheed Martin build its own factory at an estimated cost of $74million, delaying its initial plans to be operational at Williamtown in the first quarter of next year. Williamtown is proposed to be one of three Australian sites delivering a $500 million defence contract awarded last year for Lockheed Martin's integrated air and missile defence system, AIR6500. The company told the Herald in March that it was moving ahead with a long-term lease on a building to be built by Newcastle Airport's property-development arm, Greater Newcastle Aerotropolis (GNAPL), at the 76-hectare innovation, defence and aerospace hub. It has now confirmed it is rethinking its Williamtown plans. "Lockheed Martin is currently assessing the most suitable facility option to support Australia's Integrated Air and Missile Defence ecosystem," a spokesperson said. "Commercial builders were recently engaged to inform both build costs and schedules." Property Daily reported in June that Lockheed Martin had gone to tender and reviewed submissions from construction firms Multiplex, Built and Richard Crookes. The commercial leasing news outlet had previously reported that the defence tech giant had "effectively paused planning for its upcoming 3500sqm office fitout in the NSW regional city of Newcastle". "The defence prime contractor had seen delays with the development of the new building, it has agreed to pre-commit to - and at this stage it remains unclear if the project will proceed as envisaged. "A key issue was Newcastle Airport not having the readily available capital to proceed with a pre-commitment leasing deal." Lockheed Martin declined to respond to the Herald when asked whether the airport's position was a factor in its reconsideration. Newcastle Airport declined to answer this week if its financial situation had an impact on the plan falling through or reveal how much money it spent trying to secure the deal. A spokeswoman said this week its role was to help Lockheed Martin obtain development approval and provide infrastructure. "Newcastle Airport is continuing to work with the preferred contractor to support the project," she said. "Questions regarding the project are best directed to the Commonwealth." Newcastle Airport documents seen by the Herald reveal Lockheed Martin and the airport signed a preliminary agreement for the long-term lease of the proposed building in July last year, after lengthy negotiations. A solvency resolution presented to Newcastle Airport's board late last year detailed concerns about spending on the project, given the airport's financial constraints. "The protracted negotiation and planning of Lockheed Martin and Kongsberg Defence Australia projects has required GNAPL Board approval for $1.2 million in unbudgeted, non-recoverable, capital expenditure approvals in FY2024/25, plus a further $0.5 million requested for approval at the October 2024 meeting," it reads. "If the projects are successful in reaching bank-funded construction phase, there is a mechanism by which legal and management costs incurred to date could be retrospectively funded by a bank loan approval, however, this is subject to negotiation and approval with CBA, and is currently unapproved by CBA. There is a risk that not all funds expended are recovered under bank funding, once a loan is approved." The document also details "insufficient funding headroom for further unbudgeted funding approvals" last financial year, without cost savings, due to fears that the airport's cash reserves would "fall below the $15 million working capital policy limit". The news comes after Herald scrutiny of the airport's financial situation revealed the airport was looking to cut staff, had asked Defence to waive its rent, had been in discussions with councils to access a financial injection of up to $40 million, had been diverting millions in cash reserves to prop up its burgeoning property-development arm and was looking to borrow more money. Last month, the airport announced flights to Perth, and earlier this month, it said it had secured its first ongoing international service beyond Australasia, with flights direct to Bali. The Herald reported in April last year that the Lockheed Martin project included contracts to build a mixed office building with a workshop, collaboration space, training room, and car parking. Lockheed Martin Australia employs about 30 full-time staff in the Newcastle region, and this number is expected to grow to about 60. Once completed, the building is expected to accommodate 150 to 200 people, and result in $70-80 million invested in the Williamtown region for the AIR6500 facility. Defence contractor Lockheed Martin has confirmed it has gone back to the drawing board on plans to lease a building at the Williamtown aerospace hub to be built by Newcastle Airport's property development arm. Both the global giant and Newcastle Airport have declined to comment on an industry report that Newcastle Airport's finances were a "key issue" in Lockheed Martin's rethink. The new approach could see Lockheed Martin build its own factory at an estimated cost of $74million, delaying its initial plans to be operational at Williamtown in the first quarter of next year. Williamtown is proposed to be one of three Australian sites delivering a $500 million defence contract awarded last year for Lockheed Martin's integrated air and missile defence system, AIR6500. The company told the Herald in March that it was moving ahead with a long-term lease on a building to be built by Newcastle Airport's property-development arm, Greater Newcastle Aerotropolis (GNAPL), at the 76-hectare innovation, defence and aerospace hub. It has now confirmed it is rethinking its Williamtown plans. "Lockheed Martin is currently assessing the most suitable facility option to support Australia's Integrated Air and Missile Defence ecosystem," a spokesperson said. "Commercial builders were recently engaged to inform both build costs and schedules." Property Daily reported in June that Lockheed Martin had gone to tender and reviewed submissions from construction firms Multiplex, Built and Richard Crookes. The commercial leasing news outlet had previously reported that the defence tech giant had "effectively paused planning for its upcoming 3500sqm office fitout in the NSW regional city of Newcastle". "The defence prime contractor had seen delays with the development of the new building, it has agreed to pre-commit to - and at this stage it remains unclear if the project will proceed as envisaged. "A key issue was Newcastle Airport not having the readily available capital to proceed with a pre-commitment leasing deal." Lockheed Martin declined to respond to the Herald when asked whether the airport's position was a factor in its reconsideration. Newcastle Airport declined to answer this week if its financial situation had an impact on the plan falling through or reveal how much money it spent trying to secure the deal. A spokeswoman said this week its role was to help Lockheed Martin obtain development approval and provide infrastructure. "Newcastle Airport is continuing to work with the preferred contractor to support the project," she said. "Questions regarding the project are best directed to the Commonwealth." Newcastle Airport documents seen by the Herald reveal Lockheed Martin and the airport signed a preliminary agreement for the long-term lease of the proposed building in July last year, after lengthy negotiations. A solvency resolution presented to Newcastle Airport's board late last year detailed concerns about spending on the project, given the airport's financial constraints. "The protracted negotiation and planning of Lockheed Martin and Kongsberg Defence Australia projects has required GNAPL Board approval for $1.2 million in unbudgeted, non-recoverable, capital expenditure approvals in FY2024/25, plus a further $0.5 million requested for approval at the October 2024 meeting," it reads. "If the projects are successful in reaching bank-funded construction phase, there is a mechanism by which legal and management costs incurred to date could be retrospectively funded by a bank loan approval, however, this is subject to negotiation and approval with CBA, and is currently unapproved by CBA. There is a risk that not all funds expended are recovered under bank funding, once a loan is approved." The document also details "insufficient funding headroom for further unbudgeted funding approvals" last financial year, without cost savings, due to fears that the airport's cash reserves would "fall below the $15 million working capital policy limit". The news comes after Herald scrutiny of the airport's financial situation revealed the airport was looking to cut staff, had asked Defence to waive its rent, had been in discussions with councils to access a financial injection of up to $40 million, had been diverting millions in cash reserves to prop up its burgeoning property-development arm and was looking to borrow more money. Last month, the airport announced flights to Perth, and earlier this month, it said it had secured its first ongoing international service beyond Australasia, with flights direct to Bali. The Herald reported in April last year that the Lockheed Martin project included contracts to build a mixed office building with a workshop, collaboration space, training room, and car parking. Lockheed Martin Australia employs about 30 full-time staff in the Newcastle region, and this number is expected to grow to about 60. Once completed, the building is expected to accommodate 150 to 200 people, and result in $70-80 million invested in the Williamtown region for the AIR6500 facility. Defence contractor Lockheed Martin has confirmed it has gone back to the drawing board on plans to lease a building at the Williamtown aerospace hub to be built by Newcastle Airport's property development arm. Both the global giant and Newcastle Airport have declined to comment on an industry report that Newcastle Airport's finances were a "key issue" in Lockheed Martin's rethink. The new approach could see Lockheed Martin build its own factory at an estimated cost of $74million, delaying its initial plans to be operational at Williamtown in the first quarter of next year. Williamtown is proposed to be one of three Australian sites delivering a $500 million defence contract awarded last year for Lockheed Martin's integrated air and missile defence system, AIR6500. The company told the Herald in March that it was moving ahead with a long-term lease on a building to be built by Newcastle Airport's property-development arm, Greater Newcastle Aerotropolis (GNAPL), at the 76-hectare innovation, defence and aerospace hub. It has now confirmed it is rethinking its Williamtown plans. "Lockheed Martin is currently assessing the most suitable facility option to support Australia's Integrated Air and Missile Defence ecosystem," a spokesperson said. "Commercial builders were recently engaged to inform both build costs and schedules." Property Daily reported in June that Lockheed Martin had gone to tender and reviewed submissions from construction firms Multiplex, Built and Richard Crookes. The commercial leasing news outlet had previously reported that the defence tech giant had "effectively paused planning for its upcoming 3500sqm office fitout in the NSW regional city of Newcastle". "The defence prime contractor had seen delays with the development of the new building, it has agreed to pre-commit to - and at this stage it remains unclear if the project will proceed as envisaged. "A key issue was Newcastle Airport not having the readily available capital to proceed with a pre-commitment leasing deal." Lockheed Martin declined to respond to the Herald when asked whether the airport's position was a factor in its reconsideration. Newcastle Airport declined to answer this week if its financial situation had an impact on the plan falling through or reveal how much money it spent trying to secure the deal. A spokeswoman said this week its role was to help Lockheed Martin obtain development approval and provide infrastructure. "Newcastle Airport is continuing to work with the preferred contractor to support the project," she said. "Questions regarding the project are best directed to the Commonwealth." Newcastle Airport documents seen by the Herald reveal Lockheed Martin and the airport signed a preliminary agreement for the long-term lease of the proposed building in July last year, after lengthy negotiations. A solvency resolution presented to Newcastle Airport's board late last year detailed concerns about spending on the project, given the airport's financial constraints. "The protracted negotiation and planning of Lockheed Martin and Kongsberg Defence Australia projects has required GNAPL Board approval for $1.2 million in unbudgeted, non-recoverable, capital expenditure approvals in FY2024/25, plus a further $0.5 million requested for approval at the October 2024 meeting," it reads. "If the projects are successful in reaching bank-funded construction phase, there is a mechanism by which legal and management costs incurred to date could be retrospectively funded by a bank loan approval, however, this is subject to negotiation and approval with CBA, and is currently unapproved by CBA. There is a risk that not all funds expended are recovered under bank funding, once a loan is approved." The document also details "insufficient funding headroom for further unbudgeted funding approvals" last financial year, without cost savings, due to fears that the airport's cash reserves would "fall below the $15 million working capital policy limit". The news comes after Herald scrutiny of the airport's financial situation revealed the airport was looking to cut staff, had asked Defence to waive its rent, had been in discussions with councils to access a financial injection of up to $40 million, had been diverting millions in cash reserves to prop up its burgeoning property-development arm and was looking to borrow more money. Last month, the airport announced flights to Perth, and earlier this month, it said it had secured its first ongoing international service beyond Australasia, with flights direct to Bali. The Herald reported in April last year that the Lockheed Martin project included contracts to build a mixed office building with a workshop, collaboration space, training room, and car parking. Lockheed Martin Australia employs about 30 full-time staff in the Newcastle region, and this number is expected to grow to about 60. Once completed, the building is expected to accommodate 150 to 200 people, and result in $70-80 million invested in the Williamtown region for the AIR6500 facility. Defence contractor Lockheed Martin has confirmed it has gone back to the drawing board on plans to lease a building at the Williamtown aerospace hub to be built by Newcastle Airport's property development arm. Both the global giant and Newcastle Airport have declined to comment on an industry report that Newcastle Airport's finances were a "key issue" in Lockheed Martin's rethink. The new approach could see Lockheed Martin build its own factory at an estimated cost of $74million, delaying its initial plans to be operational at Williamtown in the first quarter of next year. Williamtown is proposed to be one of three Australian sites delivering a $500 million defence contract awarded last year for Lockheed Martin's integrated air and missile defence system, AIR6500. The company told the Herald in March that it was moving ahead with a long-term lease on a building to be built by Newcastle Airport's property-development arm, Greater Newcastle Aerotropolis (GNAPL), at the 76-hectare innovation, defence and aerospace hub. It has now confirmed it is rethinking its Williamtown plans. "Lockheed Martin is currently assessing the most suitable facility option to support Australia's Integrated Air and Missile Defence ecosystem," a spokesperson said. "Commercial builders were recently engaged to inform both build costs and schedules." Property Daily reported in June that Lockheed Martin had gone to tender and reviewed submissions from construction firms Multiplex, Built and Richard Crookes. The commercial leasing news outlet had previously reported that the defence tech giant had "effectively paused planning for its upcoming 3500sqm office fitout in the NSW regional city of Newcastle". "The defence prime contractor had seen delays with the development of the new building, it has agreed to pre-commit to - and at this stage it remains unclear if the project will proceed as envisaged. "A key issue was Newcastle Airport not having the readily available capital to proceed with a pre-commitment leasing deal." Lockheed Martin declined to respond to the Herald when asked whether the airport's position was a factor in its reconsideration. Newcastle Airport declined to answer this week if its financial situation had an impact on the plan falling through or reveal how much money it spent trying to secure the deal. A spokeswoman said this week its role was to help Lockheed Martin obtain development approval and provide infrastructure. "Newcastle Airport is continuing to work with the preferred contractor to support the project," she said. "Questions regarding the project are best directed to the Commonwealth." Newcastle Airport documents seen by the Herald reveal Lockheed Martin and the airport signed a preliminary agreement for the long-term lease of the proposed building in July last year, after lengthy negotiations. A solvency resolution presented to Newcastle Airport's board late last year detailed concerns about spending on the project, given the airport's financial constraints. "The protracted negotiation and planning of Lockheed Martin and Kongsberg Defence Australia projects has required GNAPL Board approval for $1.2 million in unbudgeted, non-recoverable, capital expenditure approvals in FY2024/25, plus a further $0.5 million requested for approval at the October 2024 meeting," it reads. "If the projects are successful in reaching bank-funded construction phase, there is a mechanism by which legal and management costs incurred to date could be retrospectively funded by a bank loan approval, however, this is subject to negotiation and approval with CBA, and is currently unapproved by CBA. There is a risk that not all funds expended are recovered under bank funding, once a loan is approved." The document also details "insufficient funding headroom for further unbudgeted funding approvals" last financial year, without cost savings, due to fears that the airport's cash reserves would "fall below the $15 million working capital policy limit". The news comes after Herald scrutiny of the airport's financial situation revealed the airport was looking to cut staff, had asked Defence to waive its rent, had been in discussions with councils to access a financial injection of up to $40 million, had been diverting millions in cash reserves to prop up its burgeoning property-development arm and was looking to borrow more money. Last month, the airport announced flights to Perth, and earlier this month, it said it had secured its first ongoing international service beyond Australasia, with flights direct to Bali. The Herald reported in April last year that the Lockheed Martin project included contracts to build a mixed office building with a workshop, collaboration space, training room, and car parking. Lockheed Martin Australia employs about 30 full-time staff in the Newcastle region, and this number is expected to grow to about 60. Once completed, the building is expected to accommodate 150 to 200 people, and result in $70-80 million invested in the Williamtown region for the AIR6500 facility.
