Melbourne Airport is owned and operated by Australia Pacific Airports (Melbourne) Pty Ltd (APAM), which is a subsidiary of Australia Pacific Airports Corporation Limited (APAC). APAC acquired the lease for Melbourne Airport in July 1997 and operates it under a 50-year long-term lease from the Australian Federal Government, with an option to extend for another 49 years. APAC is a privately held corporation owned predominantly by institutional investors, mainly Australian superannuation and pension funds. The five main Australian fund managers owning APAC are:

• Dexus (27.32%)
• Industry Funds Management (IFM Investors) (25.17%)
• SAS Trustee Corporation (managed by NSW Treasury Corporation) (18.47%)
• Future Fund (20.34%)
• Utilities of Australia (managed by HRL Morrison & Co) (8.70%)

Thus, the ownership of Melbourne Airport ultimately lies with these institutional investors through APAC.