Australia’s Gold Coast Airport in Queensland will undergo a proposed multi-million dollar redevelopment effort under Lets Invest for Tomorrow (LIFT) project.

The $200m redevelopment plan is aimed at addressing the airport’s peak hour congestion and meeting its projected future demand up to 2023.

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The plan would include the redevelopment in the southern part of the airport and is expected to create jobs.

"This could significantly impact the airport’s ability to service future domestic and international passenger demand."

The first stage of development, likely to begin early in 2016, will involve the construction of aircraft stands to accommodate three new wide-bodied aircraft and a three-level terminal development for up to two aerobridges.

The next stages equipping the airport with two more wide-bodied aircraft parking stands and further enhancements to the existing terminal building, are scheduled to be completed by 2020.

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Gold Coast Airport CEO David Collins said: "This redevelopment will ensure more efficient use of terminal space and offer increased capacity, meaning service for travellers is faster and more efficient, with broader retail choice.

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"Recent investigations have found the capacity of aircraft parking stands is currently exceeded at peak times, and if no action is taken to provide additional aircraft parking by 2018 access to the airport would need to be restricted.

"This could significantly impact the airport’s ability to service future domestic and international passenger demand."

Undertaken by Queensland Airports, the redevelopment plan was first laid down in the Gold Coast 2011 Airport Master Plan and is classified as a Major Project under the Federal Airports Act.

Queensland Airports managing director Dennis Chant said: "Project LIFT will allow us to meet forecast demand for the next eight years while also creating additional employment, generating further economic activities, and providing capacity for future growth."