The most expensive city for parking in the world? Australians have been stung by $650M in fines in Sydney in four years - as the city's airport car park rakes in more than $180 a MINUTE
- Sydneysiders have been stung $650million in parking fines in just four years
- The figure comes despite state government pushing to lower the cost of fines
- Many councils declined to take it up due to fear of 'significant revenue loss'
- Meanwhile, Sydney Airport car park rakes in $180 a minute in operating profit
- Over a year, the airport car park pulls in $886.3million in profit alone
Sydneysiders have been slapped with $650million in parking fines in the past four years, and the city's airport is raking in more than $180 every minute.
Efforts have been made in the past four years to lower parking fines for offences that do not infringe on safety, but many councils have failed to change their policies.
Acting Treasurer for NSW, Damien Tudehope, said motorists were being treated like 'cash cows' - with many councils admitting they had not lowered their fines for revenue reasons.
'Councils need to stop treating motorists as cash cows and start giving motorists a break. Safety and deterrence is important but the fine should match the crime,' he told the Sydney Morning Herald.
Last year, the state government allowed councils to drop their parking fines from $112 to $80 - but only five councils have taken up the offer.
Sydneysiders have coughed up $650million in fines over the past four years (stock image)
The Inner West Council said they would not change their fine system because of 'significant financial implications', while the City of Sydney said lowering the fines would lessen the motivation for motorists to move, meaning there would be less car spaces available.
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For those trying to escape their parking nightmares via plane, the situation is no better.
Data released by the Australian Competition and Consumer Commission shows in 2018, Sydney Airport's car parking service had an operating profit of $95.4 million.
This equates to $261,000 a day - and $181 every minute.
The state government last year gave local councils the option to lower some fines to $80, but many declined and stated they were concerned about lost revenue (stock image)
In the decade leading up to 2018, the airport's car park had an operating profit of $886.3million - earned through $1.2billion in parking fees.
The car park is the most expensive of it's kind in all of Australia.
Things aren't much better elsewhere in the city though, with Sydney found to have had the second highest parking fees of anywhere in the world.
Parkopedia's Global Parking Index 2017 found Sydney was a close second only to New York City, with the average two-hour parking fee exceeding $40.
The research also showed overall, Australia was the most expensive city for two-hour parking in the world.
Sydney Airport car park is running on a profit of $180 every minute, or $261,000 a day (stock image)
