This paper presents a qualitative assessment of the risk perceptions held by key Australian stakeholder groups in the context of tollroads operated under the Public-Private-Partnership model. The findings confirm that experience accumulated in recent years has contributed toward the betterment of risk sharing optimisation amongst the contracting parties. The knowledge acquired through in-depth interviews supports the common view that equitable risk-sharing is the vital ingredient of value for money. The proposition that the private sector is better equipped to manage commercial risks involving economic decision making whilst risks that have embedded unquantifiable social and public values and those in the domain of public governance are best left with government alone, appears to be replete with refutable implications. Public perception is a malleable concept and should be managed by both sectors.