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.
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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.
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By GlobalDataClarke 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."
