Ann: Sydney Airport Traffic Performance February 2020, page-70

Airports depend on airlines and their passengers to generate revenue so I don’t know how you can possibly detach the two.

Take for example the following extract from SYD’s FY19 Annual Report (on p 13):

“Sydney Airport revenue growth is driven by these key inputs:

Passenger growth
Passengers travelling through the airport are the major consumers of the services provided by Sydney Airport. A large majority of aeronautical revenues are directly linked to passenger numbers. Charges are generally tied to passenger numbers, with most charges levied per passenger to the airlines for use of the terminal and airfield infrastructure, providing a direct linkage to revenue growth. The commercial revenues (including Retail, Property and Car Rental, Parking and Ground Transport) are directly and indirectly linked to passenger volume.”

Sydney Airport - like all airports - will take a huge hit from depressed passenger numbers because their revenue streams are temporarily switched off and will take some time to return to normalised pre Corona levels