In July 1994, Australian investment company Transfield Holdings and French construction company Bouygues formed the Airport Link Company, which signed a public private partnership (PPP) with the Government of New South Wales to build and operate Airport Link – an extension of the Sydney Trains network to Sydney Airport.

[5] In October 2005, the Government and the company signed a revised agreement on revenue and patronage, settling the latter's claims against the former.

The Airport Link Company was put up for sale in early 2006, and was purchased by Westpac.

[12][13] In 2013, Universities Superannuation Scheme (USS) bought 49.9% of Airport Link Company from Hastings Funds Management-managed Westpac Essential Services Trust, adding to the stake it already owned.

[16] From 2015 to 2018, the Government of New South Wales received the total net revenue amount of $197.6 million from the station access fee.