The Federal Government of Australia has approved a 20-year development plan worth $4bn for the Brisbane Airport precinct.
The development plan includes construction of a parallel runway, upgrades of the regional satellite facility, domestic and international terminals, and improvements to the transport networks.
According to reports, the airport has committed almost $4bn to fund the new projects over the next ten years.
An economic study conducted for the masterplan found that Brisbane Airport would contribute $8.2bn to the Queensland economy. It will also include generation of around 51,500 full-time jobs within the next two decades.
The masterplan will also include a five-year airport environment strategy and ground transport plan.
ABC reported airport spokeswoman Helen Clarke as saying that the plan is likely to help increase tourism and trade in the state.
Clarke added: "The airport will expand over time; in 20 years' time, it will be about the same size as Singapore and Hong Kong airports.
"We see the addition of a mass transit system, having a high-frequency connection between the international and domestic terminals, as well as our new parallel runway.
"We expect that by 2034, there'll be about 49 million passengers a year travelling through the airport."