This paper analyses the performance of the Australian and New Zealand Satellite-Based Augmentation System (Aus-NZ SBAS) test-bed to evaluate its use in civil aviation applications with a focus on dual-frequency multi-constellation (DFMC) signals. The Aus-NZ SBAS test-bed performance metrics were determined using kinematic data recorded in flight across a variety of environments and operational conditions. A total of 14 tests adding up to 32 h of flight were evaluated. Flight test data were processed in both the L1 SBAS and DFMC SBAS modes supported by the test-bed broadcasts. The performance results are reviewed regarding accuracy, availability and integrity metrics and compared with the requirement thresholds defined by the International Civil Aviation Organisation (ICAO) for Precision Approach (PA) flight operations. The experimentation performed does not allow continuity assessment as specified in the standard due to a long-term statistical requirement and inherent limitations imposed by the reference station network. Analysis of flight test results shows that DFMC SBAS provides several performance improvements over single-frequency SBAS, tightening both horizontal and vertical protection levels and resulting in greater service availability during the approach.