Australian prime minister Tony Abbott has confirmed the construction of a second international airport in Sydney.
The new airport will be located in western Sydney at Badgerys Creek.
Abbott, who revealed the news at a press conference in Canberra this morning, said planning and design work would “begin immediately” and construction work is expected to start in 2016.
The prime minister also said private sector investment will cover the construction bill, while the commonwealth will pick up planning and design costs.
Around 20 sites were considered before the government approved the new facility about 45km west of Sydney's central business district.
Based on early estimates, the first flights in and out of the airport are not expected until the mid-2020s.
Debate surrounding the building of a second airport in Sydney dates back to 1946 and Abbott said after “decades of procrastination” he is desperate to “get cracking”.
"It's a long, overdue decision which, to be honest, has been shirked and squibbed by successive governments for far too long," he said.
"I also want to stress that the government's approach will be roads first, airport second, because we don't want the people of western Sydney to have an airport without having the decent transport infrastructure that western Sydney deserves."
National airline Qantas welcomed the announcement.
CEO Alan Joyce said: "Qantas has long supported the building of a second airport at Badgerys Creek, as have a number of detailed studies. After decades of debate, we applaud today's announcement by the prime minister.
"The role of second airports has been well-established in several of the world's major capitals. Sydney is the key gateway for air traffic in-and-out of Australia and the benefits of having two major airports will be felt nationwide.
"Airports are key pieces of infrastructure that facilitate a huge amount of economic activity, and they take a lot of time to plan and build. We look forward to being part of this process as Badgerys Creek moves closer to reality."