This is in anticipation of the rise in annual passenger volume, which is expected to reach 50 million by 2040.
Serving 53 Australian destinations, BNE functions as the gateway for flights from North America and South East Asia.
BAC CEO Gert-Jan de Graaff said: “We are running out of terminal capacity, and we’re looking at the best location, together with our airline partners, for where that new terminal will go.
“We think it will be in between the two runaways because that’s the perfect location to minimise aircraft taxiing, and it is close to our current domestic terminal.
“We need more domestic capacity to cater for demand. A few of our domestic airlines will likely go into Terminal 3. We might even allocate some international traffic in there as well to provide for better connectivity between domestic and international flights.”
BNE is looking to spend more than $5bn over the next decade to overhaul both terminals.
This includes the creation of a regional aeromedical hub, the addition of more car parking spaces, the construction of additional freight facilities and the expansion of Skygate and DFO.
Gert-Jan de Graaff added: “Terminal 3 will be state-of-the-art, so that will be a terminal we’ve built for the 2030s. Sustainability will be front and centre, and so will accessibility.
“We know that come 2032, Brisbane Airport will provide the first and last impression for all Olympic and Paralympic visitors, and we take that responsibility very seriously.”
Furthermore, BNE signed an agreement to power 100% of its operations using renewable energy sources by 2025.
Stanwell will deliver up to 185GWh of renewable energy annually to meet these requirements.