Strong market position as the primary gateway airport to the State of Queensland, albeit with competition from nearby airports, particularly in leisure and tourism Limited scale and relatively small catchment compared to global peers Light-handed regulatory framework and a degree of diversity of revenue streams Significant capital expenditure (capex) program planned, including the A$1.4 billion new parallel runway Major airside growth capex will only proceed if underpinned by pricing agreements that support efficient cost recovery Current capital structure expected to be maintained Some headroom in financial metrics at the 'BBB' rating, providing a buffer against downturn in passenger growth and a degree of financial flexibility through potential deferral of capex or distributions The stable outlook reflects our view of Brisbane
