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The federal government of Australia approved on Tuesday the master plan for Sydney Airport to meet the expected higher number of 74 million passengers the gateway would handle in 2033, up from the 38 million air travelers in 2013.

Sydney Airport Chief Executive Officer Kerrie Mather said the gateway is one of the country's most important pieces of infrastructure and a vital economic engine for Sydney, New South Wales and Australia.

Planning work on improving traffic flow and cutting congestion, including the construction of a new road and exit for Terminal 1 has already started, while the remaining ground transport works, include the building of a new one-way ring road for the Terminal 2 and 3 precinct are expected to be done by 2018, after which works would begin shortly.

Since 2002, Sydney Airport has invested about $2.4 billion to increase service levels, improve safety and security, enhance environmental outcomes and boost capacity to meet the additional demand of the traveling public.

The airport contributes 6 per cent to NSW's economy and provides 300,000 jobs, which would go up to 400,000 jobs by 2033, according to a study by Deloitte.

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