On 29 May 1998 the Commonwealth sold a 50-year lease, plus a 49-year option, to Canberra International Airport Pty Limited as part of the Government’s Phase II airport privatisation program. The sale of the Airport included the RAAF Base Fairbairn site, which was leased back to the Department of Defence (RAAF) for a five-year transitional period to enable the RAAF to relocate.