The upgrade of Newcastle Airport's runway to international standard will trigger the need to upgrade millions of dollars worth of regional infrastructure over the next decade.
It is also likely to spur on investment in complementary projects, such as the Newcastle Container Terminal.
"I support things that create jobs in the Hunter," Prime Minister Scott Morrison said when asked about the government's position on the project on Friday.
"Where projects are supporting jobs in the Hunter, I'm a big fan of those projects and I always try to clear away any obstacles to job creating projects in the Hunter."
One of the short term infrastructure issues will be the need to upgrade the airport terminal to accommodate the increase in passengers.
Discussions are already underway with the state government to match funding for the terminal upgrades and associated facilities
"By partnering with Newcastle Airport to deliver the terminal, the state government can act now to back a winner and ensure that the benefits to the region and NSW of the Code E runway upgrade are maximised," Business Hunter chief executive Bob Hawes said.
Road linkages between the airport Newcastle, the Hunter and North Coast will also need to be upgraded.
The State Government-driven project aims to unlock millions of dollars of private sector investment and create thousands of direct jobs in the region.
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Billions of dollars worth of related infrastructure projects, such as a rail link from Hexham and the Newcastle freight bypass are also likely to eventually flow from the precinct's establishment.
Airport chief executive Peter Cock said he expected a flurry of commercial investment to follow the Federal Government's $66 million runway commitment.
"We know there are a couple of five star restaurants going up in Newcastle at the moment," he said.
"We are going to start working really hard with the region to start building the next hotel and the next attraction. That's our job now, to activate the region."
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