Airfreight transporters have faced a turbulent operating environment in recent years. While the COVID-19 pandemic largely grounded the wider aviation sector, the Air Freight Services industry soared above the clouds. Airfreight volumes transported by airlines dropped while international borders were closed, due to limited capacity in the cargo holds of passenger flights. However, global supply chain disruptions pushed airfreight prices to record levels, more than offsetting weaker tonnage volumes. As global supply chain disruptions eased and borders reopened, over the two years through 2023-24, airfreight prices have started to normalise, while volumes continue to be below pre-pandemic levels. Overall, industry revenue is expected to drop at an annualised 5.8% over the five years through 2023-24, to $4.6 billion. This includes an anticipated 24.6% crash in 2023-24, as airfreight prices fall back down to earth. Rising freight rates and plummeting fuel costs at the onset of the pandemic boosted industry profitability, which hit its highest levels in well over a decade in 2021-22. However, over the three years through 2023-24, profit margins are being squeezed by sustained weakness in airfreight volumes, falling airfreight prices as well as elevated fuel costs since the beginning of the Russia-Ukraine conflict. Fuel prices are expected to remain elevated, which will continue to weigh on profit margins over the next five years. Airfreight supply will continue to normalise over the coming years as airlines continue to restore passenger capacity and prices continue to drop back to pre-pandemic levels. Strong demand for Australian agricultural produce and continued growth among online retailers are set to push up demand for airfreight transport. Normalising passenger flight numbers will result in airfreight prices continuing to fall from their dizzying heights. Dropping prices are on track to offset increasing tonnage over the next couple of years, causing industry revenue to fall slightly over the period. As a result, Air Freight Services industry revenue is forecast to fall at an annualised 0.4% over the five years through 2028-29, to reach $4.5 billion.

The Australia air freight market size was valued at USD 1.15 Million in 2024. The market is further projected to grow at a CAGR of 3.80% between 2025 and 2034, reaching a value of USD 1.67 Million by 2034.

the Australia Freight Forwarding Market Report is Segmented by Mode of Transport (air Freight Forwarding, Ocean Freight Forwarding, Road Freight Forwarding, and Rail Freight Forwarding), Customer Type (B2C and B2B), Application (industrial and Manufacturing, Retail, Healthcare, Oil and Gas, Food and Beverages and Other Application). the Market Size and Forecast are Provided in Terms of Values (USD) for all the Above Segments.

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Air Freight Services Market Size 2025-2029

The air freight services market size is forecast to increase by USD 64.6 billion at a CAGR of 4.9% between 2024 and 2029.

The market is experiencing significant growth, driven primarily by the increase in cross-border e-commerce activities. The increasing trend of online shopping and the subsequent rise in international deliveries have led to a substantial increase in demand for air freight services. Additionally, the adoption of advanced technologies such as blockchain is revolutionizing the industry by enhancing security, transparency, and efficiency. However, the high cost of availing air freight services remains a significant challenge for market growth. Despite this, companies can capitalize on the opportunities presented by this market by offering competitive pricing, focusing on niche markets, and implementing technology solutions to streamline operations and reduce costs. Overall, the market offers substantial growth potential for investors and businesses seeking to capitalize on the increasing demand for fast and reliable international delivery solutions.

What will be the Size of the Market during the forecast period?

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The market, a significant segment of the global logistics industry, continues to evolve with advancements in technology and increasing demand for efficient and expedited shipping solutions. Key trends shaping the market include the integration of cool-chain systems for temperature-sensitive goods, the adoption of robotics, automation, and artificial intelligence (AI) for enhanced aircraft operations, and the utilization of big data, deep learning, Internet of Things (IoT), augmented reality, and virtual reality for optimized freight management and tracking. 
The air cargo industry's growth is driven by the need for high-speed shipments, particularly in sectors such as electronics, pharmaceuticals, and perishables. Freighter flights are increasingly popular for time-sensitive and large-volume consignments, contributing to the market's expansion. Overall, the air freight industry remains a dynamic and innovative sector, continually adapting to meet the evolving needs of global trade.

How is this Industry segmented?

The industry research report provides comprehensive data (region-wise segment analysis), with forecasts and estimates in 'USD billion' for the period 2025-2029, as well as historical data from 2019-2023 for the following segments.

Type

  International
  Domestic


End-user

  Manufacturing
  Retail
  Others


Product Type

  General cargo
  Perishable cargo
  Dangerous cargo
  High-value cargo


Geography

  APAC

    Australia
    China
    India
    Japan
    South Korea


  North America

    US
    Canada


  Europe

    France
    Germany
    UK


  Middle East and Africa



  South America

By Type Insights

The international segment is estimated to witness significant growth during the forecast period. Air freight services have gained significant importance in the logistics industry due to the increasing globalization of trade and the e-commerce boom. Companies expanding their global reach require efficient and reliable air freight services to transport goods between continents. Technological advances and logistics management systems have enhanced the efficiency and dependability of international air freight services, offering real-time tracking, automated customs clearing processes, and improved route planning. These advancements have reduced transit times and increased overall service quality, making air freight the preferred choice for time-sensitive cargo. The rise of online shopping and cross-border e-commerce has further fueled the demand for international air cargo services, necessitating fast delivery of goods to customers worldwide.

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The international segment was valued at USD 126.20 billion in 2019 and showed a gradual increase during the forecast period.

Regional Analysis

APAC is estimated to contribute 44% to the growth of the global market during the forecast period.Technavio's analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period.

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The market in Asia Pacific (APAC) is experiencing significant growth due to the increase in cross-border e-commerce, particularly in countries like China, India, and Japan. The e-commerce sector's expansion is driven by the convenience and speed it offers, which has been further accelerated by the pandemic. This trend is expected to boost the growth of the regional the market. According to the Association of Asia Pacific Airlines, the number of foreign passengers transported by APAC airlines increased by 49.4% in January 2024

Australian rail, air and sea freight forwarders have experienced sustained growth over recent years, driven by rising domestic freight volumes and expanding merchandise imports and exports, particularly of bulk commodities like iron ore, coal, LNG and wheat. Freight forwarders handle the administrative burden of logistics, particularly for exported and imported products. They achieve cost savings by buying cargo space in bulk, allowing them to negotiate discounted rates with sea, rail and air freight suppliers and group orders to improve efficiency for customers. Freight forwarders charge commissions on the freight costs incurred on behalf of their customers. During the pandemic, severe supply chain disruptions led to a sharp rise in freight prices. This surge allowed freight forwarders to increase their revenue through higher commissions, even as supply chains remained constrained. Normalising shipping rates and air freight demand, along with declining merchandise imports and exports, have resulted in a downwards correction in revenue over the two years through 2024-25. Larger, vertically integrated firms like Toll Group and DHL leveraged their scale and logistics expertise to consolidate market share during the pandemic, although this has levelled off as disruptions eased. Profit margins expanded from 2019-20 to 2022–23 because of elevated freight rates and strong demand for high-margin air freight services, but have since eased as rates have normalised. Overall, industrywide revenue is expected to have climbed at an annualised 2.8% over the five years through 2024-25, including a 2.9% drop in 2024-25 to reach $16.7 billion. Over the coming years, the Rail, Air and Sea Freight Forwarding industry is projected to grow steadily, driven by population increases, ecommerce expansion and rising construction activity. Infrastructure investments, like the Inland Rail, Moorebank Intermodal Terminal and Western Sydney Airport, will improve freight capacity and efficiency, elevating long-term industry prospects. Air freight will remain a key revenue driver as a result of persistent demand for rapid delivery options from online shopping. Rising road freight activity is forecast to reduce demand for rail freight, thanks to its operational flexibility and strategic infrastructure upgrades, while rail’s growth is constrained to bulk commodities and non-bulk premium markets. Growing corporate and government focus on sustainability will be a major factor, with clients increasingly seeking forwarders that can provide emissions transparency, efficient load consolidation and greener transport options. Industrywide revenue is forecast to grow at an annualised 1.6% through the end of 2029-30, to $18.2 billion.

Number of Businesses statistics on the Air Freight Services industry in Australia

The Australian freight forwarding market, valued at approximately AU$13.81 billion in 2025, is experiencing robust growth, projected to expand at a Compound Annual Growth Rate (CAGR) of 6.23% from 2025 to 2033. This growth is fueled by several key factors. The burgeoning e-commerce sector is significantly driving demand for efficient and reliable freight forwarding services, particularly in B2C segments. Simultaneously, the expansion of Australia's industrial and manufacturing sectors, coupled with increasing international trade, is bolstering demand for air, ocean, and road freight forwarding. Growth in sectors such as healthcare, food and beverage, and oil and gas are further contributing to market expansion. While potential infrastructural limitations and fluctuating fuel prices represent challenges, the overall market outlook remains positive, driven by ongoing economic growth and the increasing reliance on global supply chains. The competitive landscape is relatively fragmented, with several major players like Deutsche Post DHL Group, Mainfreight Limited, and CEVA Logistics competing alongside a number of smaller, specialized firms like CTS Australia and Platinum Freight Management. The market's segmentation by mode of transport (air, ocean, road, rail) and customer type (B2B, B2C) provides opportunities for companies to specialize and cater to specific niche markets. Future growth will likely be influenced by advancements in logistics technology, such as improved tracking and supply chain management systems, and a focus on sustainability and reduced carbon emissions within the industry. The sustained growth in e-commerce, coupled with government initiatives supporting infrastructure development, will continue to shape the market's trajectory over the forecast period. Recent developments include: March 2023: Dachser acquired ACA International, based in Melbourne, Australia. With this acquisition, Dachser's own air and sea freight network now includes Australia and New Zealand. These are two economically powerful countries that are also directly linked to Asia, Europe, and North America. Dachser, a family-owned firm based in Kempten, Germany, offers transport logistics, warehousing, and customized services via two divisions: Dachser Air & Sea Logistics and Dachser Road Logistics., February 2023: GEODIS, a logistics service, teamed with Volvo Australia to develop an electric truck trial program in Australia. The collaboration seeks to provide clients with more sustainable delivery options by utilizing Volvo's Fully Electric (FE) variant trucks. The FE trucks, which are fueled by solar energy and ABB's energy-efficient charging systems, can deliver big cargo weighing up to 7,500 kg for up to 200 km within metropolitan regions. GEODIS will evaluate the suitability of the FE vehicles for its fleet during the pilot phase before rolling out the completely electric trucks on a broader scale., September 2022: Ofload, an Australian digital freight forwarding and transport management firm, acquired CIA Logistics, a Melbourne-based freight expert. Ofload's initial purchase expanded its workforce count to more than 120.. Key drivers for this market are: Bulk Freight driving the market, Increasing Investments On Infrastructure. Potential restraints include: Bulk Freight driving the market, Increasing Investments On Infrastructure. Notable trends are: Bulk Freight driving the market.

The global volume of air-freight transport in was forecast to continuously increase between 2024 and 2029 by in total **** billion ton-kilometers (+***** percent). After the seventh consecutive increasing year, the volume of air-freight transport is estimated to reach ***** billion ton-kilometers and therefore a new peak in 2029. As defined by Worldbank, air freight refers to the summated volume of freight, express and diplomatic bags carried across the various flight stages (from takeoff to the next landing). The forecast has been adjusted for the expected impact of COVID-19.The shown data are an excerpt of Statista's Key Market Indicators (KMI). The KMI are a collection of primary and secondary indicators on the macro-economic, demographic and technological environment in more than *** countries and regions worldwide. All input data are sourced from international institutions, national statistical offices, and trade associations. All data has been are processed to generate comparable datasets (see supplementary notes under details for more information).Find more key insights for the volume of air-freight transport in countries like Australia & Oceania and Europe.

Australia Freight And Logistics Market size was valued at USD 95.4 Billion in 2024 And is projected to reach USD 131.2 Billion by 2032, growing at a CAGR of 4.1% from 2025 to 2032.

Key Market Drivers Booming E-Commerce And Online Retail Growth: The advent of e-commerce is driving up demAnd for freight And logistics services in Australia. According to Australia Post, e-commerce sales in Australia increased by 57% in 2020, with online retail spending totaling AUD 50.46 billion.

Infrastructure Development And Government Investment: The Australian government is making significant investments in infrastructure to support the logistics sector. The Infrastructure Australia report includes AUD 110 billion in federal And state infrastructure projects, including major renovations to ports, roads, And rail networks.

The Air Freight Transport Market size is expected to reach a valuation of USD 261.5 billion in 2033 growing at a CAGR of 10.60%. The Air Freight Transport market research report classifies market by share, trend, demand, forecast and based on segmentation.

As the global economy gradually recovers from the COVID-19 pandemic, the Transport sector is expected to pick up steam

Companies focusing on fly-in-fly-out (FIFO) passenger transport over the past five years have been the real winners, while other companies have struggled with the fallout of the pandemic. The pandemic disrupted aerial work, training and business flights, leading to an initial drop in industry revenue in 2019-20. But the industry rebounded quickly on the back of growing mining activity and demand for FIFO travel over the two years through 2020-21. Continued strength in FIFO travel, combined with a rebound in business, training and aerial work services once lockdowns ended, led to strong growth in industry revenue in 2021-22. However, increased economic uncertainty and slowing growth in mining employment caused revenue to decline over the two years through 2023-24. Weaker fuel prices over the three years through 2024-25 have weighed on industry pricing, stunting the strong growth experienced in 2020-21 and 2021-22. As fuel costs have declined, companies have passed on cost savings to customers. Meanwhile, as supply chains have normalised, intensifying competition from air freight on scheduled passenger flights has weakened non-scheduled freight operators’ pricing power. The industry has also faced flat mining employment over the two years through 2024-25, limiting growth in the FIFO segment. Weaker consumer sentiment following a surge in inflation and rising interest rates in 2022-23 have also weighed on demand for business and training flights. Overall, industry revenue is forecast to have grown at an annualised 2.2% over the five years through 2024-25 to $1.58 billion. Looking ahead, weak forecast growth in mining employment is poised to limit growth in the FIFO segment. Additionally, persistently weak consumer sentiment is set to limit charter flights for tourism and training flights. However, the industry is set to benefit from the increasing shortage of pilots in the Asia-Pacific region, which is set to worsen as foreign airlines increasingly poach Australian pilots, driving growth in pilot training services. Industry revenue is forecast to grow at a sluggish annualised 0.6% over the five years through 2029-30 to $1.64 billion.

The Water Freight Transport industry represents a key link between Australia and the global economy. Most of Australia's international trade is transported by sea. Water freight transporters use domestic and international shipping routes to import and export goods through Australian waters. Bulk container ships transport large amounts of commodities, while container ships transport non-bulk goods.

The industry's recent performance has been marked by extreme revenue volatility, driven mainly by dramatic fluctuations in freight prices and shifting global trade conditions. Water freight rates surged to unprecedented levels during 2021-22 as supply chain disruptions and high demand boosted prices, significantly increasing industry revenue. However, as supply chains normalised in 2023–24 and 2024–25, prices and revenue have declined sharply, although freight rates remain above pre-pandemic levels. These fluctuations complicated planning for operators, who also faced falling demand for bulk shipments, particularly coal, against a backdrop of resilient iron ore, LNG and food exports. Falling freight prices since 2022-23 and persistent input cost pressures have left profitability below historical averages in the face of intense price competition from competing modes of freight. Overall, industrywide revenue has been falling at an annualised 3.6% over the past five years and is expected to total $2.4 billion in 2024-25, when revenue falls by an estimated 12.5% as Australian freight rates continue to contract.

In the coming years, the future of the Australian Water Freight Transport industry will be shaped by shifts in international demand and growing environmental expectations. Falls in the water freight service price are expected as global supply chains stabilise and consumer demand cools, limiting revenue growth. The mining sector is poised to contribute to demand growth, with the total mass of exports transported by sea on track to rise. Free trade agreements will drive agricultural exports and growth in the value of merchandise trade imports over the coming years. Increasingly, operators are expected to invest in green ships and sustainable technologies to meet environmental regulations and attract eco-conscious customers. These investments will raise barriers to entry, favouring larger companies and potentially reshaping the industry’s competitive landscape. Government initiatives, like the Strategic Fleet Taskforce, may enhance opportunities for skilled workers and encourage expansion of the Australian-flagged trading fleet. Overall, industry revenue is forecast to climb at an annualised 0.4% through the end of 2029-30 to total $2.4 billion.

Australia Freight Forwarding Market size was valued at USD 13.85 Billion in 2024 and is expected to reach USD 22.71 Billion by 2032, growing at a CAGR of 6.3% from 2026 to 2032.

Key Market Drivers:

Growth of E-commerce: The growth of the e-commerce is propelling the Australia freight forwarding market by increasing demand for efficient logistics, warehousing, and last-mile delivery. In 2023, online retail sales were $53.2 billion, accounting for 16.3% of overall retail trade, up from 11.1% in 2020 (ABS). According to the Australia Post's 2023 E-commerce Industry Report, 9.2 million households shopped online, with 5.7 monthly purchases.

International Trade Expansion: International trade expansion is boosting the Australia freight forwarding market by increasing demand for efficient logistics, customs brokerage, and multimodal transportation.

Australia Rail Freight Transport Market size was valued at USD 10.7 Billion in 2024 and is projected to reach USD 16.8 Billion by 2032, growing at a CAGR of 5.8% from 2026 to 2032.Key Market DriversInfrastructure Investment and Inland Rail Development: The Australian government's commitment to transforming freight infrastructure, particularly through the landmark Inland Rail project, is significantly expanding rail freight capacity and efficiency. According to the Australian Rail Track Corporation (ARTC), the 1,700km Inland Rail project represents an investment of USD 9.57 billion and is expected to reduce supply chain costs by 138.45 million annually once operational. The Infrastructure Australia 2021 report indicated that freight demand on the Melbourne- Brisbane corridor alone is forecast to increase by 35% by 2050.Mining and Resources Export Growth: Australia's robust mining sector continues to drive rail freight volumes, particularly in bulk commodities. The Bureau of Infrastructure and Transport Research Economics (BITRE) reported that iron ore rail movements reached 899 million tonnes in 2022-23, representing a 28% increase over the previous five years. According to the Department of Industry, Science and Resources, Australia's resource and energy exports are projected to reach USD 220.44 billion by 2025-26, maintaining strong demand for rail freight services.

Number of Businesses statistics on the Rail, Air and Sea Freight Forwarding industry in Australia

The Australian railway freight transport market, valued at $4.75 billion in 2025, is projected to experience robust growth, exhibiting a compound annual growth rate (CAGR) of 6.63% from 2025 to 2033. This expansion is driven by several key factors. Firstly, increasing e-commerce activity and the need for efficient long-haul transportation solutions are boosting demand for reliable and cost-effective rail freight services. Secondly, government initiatives aimed at improving rail infrastructure and promoting sustainable transportation modes are contributing to market growth. Furthermore, the growing focus on reducing carbon emissions within the logistics sector is shifting freight from road to rail, further fueling market expansion. Key segments within the market include containerized and non-containerized cargo, as well as liquid bulk transportation, catering to both domestic and international destinations. Major players such as Aurizon Holdings Limited and Pacific National Holdings Pty Ltd dominate the landscape, although smaller operators also contribute significantly to the overall market activity. While challenges such as potential infrastructure bottlenecks and fluctuating fuel prices remain, the long-term outlook for the Australian railway freight transport market remains positive, driven by a strong economic foundation and increasing demand for efficient logistics solutions. The market's segmentation by service type (transportation, other services), cargo type (containerized, non-containerized, liquid bulk), and destination (domestic, international) provides a granular view of its complexity and growth opportunities across various sectors. The competitive landscape is characterized by a mix of large, established operators and smaller, specialized firms. Large players benefit from economies of scale and extensive infrastructure, while smaller companies often focus on niche markets or specific geographical regions. Competition is primarily based on service quality, reliability, pricing, and the ability to meet specific customer needs. The industry is continually evolving to adapt to changing market demands, technological advancements, and regulatory changes. This includes investments in advanced technologies like real-time tracking and improved operational efficiency to enhance service delivery and competitiveness. Future growth will likely be influenced by continued investment in infrastructure upgrades, technological innovation, and ongoing government support for sustainable transportation initiatives within the Australian logistics sector. Recent developments include: August 2022: Nokia has been selected by The Public Transport Authority of Western Australia (PTA) to design, build and maintain a next generation railway communications system over the next decade in Perth., August 2022: Construcciones y Auxiliar de Ferrocarriles (CAF) has received a light rail contract from the Australian and Australian Capital Territory (ACT) Governments for Canberra Metro in the country. The company will also retrofit onboard batteries to Canberra's existing light rail fleet of 14 vehicles. It will enable the fleet to operate on the wire-free extension to Commonwealth Park and the future Stage 2B extension to Woden.. Notable trends are: Increasing rail investment infrastructure has given positive outlook to rail freight transport market.

The Australia Aviation Market is segmented by Aircraft Type (Commercial Aviation, General Aviation, Military Aviation). Key Data Points observed include air passenger traffic, air transport freight, defense spending, military aircraft active fleet, revenue passenger kilometers, high-net worth individuals, and inflation rate.

The Integrated Logistics sector has experienced robust growth in recent years, fuelled by surging online shopping activity. The boom in online shopping began during the COVID-19 lockdowns and has continued through 2024-25, boosting demand for parcel delivery, distribution fulfilment and end-to-end logistics services. Sectorwide revenue is expected to have climbed at an annualised 1.0% over the five years through 2024-25 to reach $137.7 billion. This includes an anticipated 0.6% dip in 2024-25. Parcel-oriented logistics services have substantially outperformed other segments, including construction, which has provided a weaker source of demand because high inflation and rising borrowing costs have led to a downturn in construction activity. The sector has undergone a significant transformation through widespread adoption of big data analytics, digital tracking tools and automation. These advancements have allowed larger operators to introduce more value-added services, boost their profit margins and better compete in an increasingly specialised marketplace. The growing trend towards business process outsourcing has benefited the sector. Companies have sought out cost reductions, supply chain optimisation and access to specialist expertise, elevating demand for logistics contracts, particularly for operators with broad geographic coverage and advanced capabilities. The sector remains exposed to elevated global oil prices, which have been exacerbated by geopolitical conflicts like the Russia-Ukraine war, raising operators’ fuel and transport costs. To offset these higher costs, integrated logistics companies have implemented fuel surcharges and invested in fuel-efficient vehicle fleets. The Integrated Logistics sector is poised for continued growth on the back of an expanding domestic freight task, rising consumer demand and a projected rebound in housing construction. Improving economic conditions and a stronger Australian dollar will boost import volumes, fostering higher inventory levels and supporting warehousing and road freight activity. The sector will see a notable shift towards road freight at the expense of rail, supported by infrastructure upgrades that enhance efficiency. The transition to net zero emissions is prompting operators to rapidly adopt electric vehicles. Large logistics firms will leverage their financial strength to modernise fleets and capture sustainability-conscious clients, while smaller operators may struggle to keep pace. Ongoing digital transformation and rising capital requirements will lead to greater consolidation in the sector as larger, vertically integrated companies absorb smaller competitors and benefit from economies of scale, advanced technology and proximity to major infrastructure hubs. Revenue is forecast to climb at an annualised 2.0% over the five years through 2029-30 to $152.1 billion.

Over the past five years, Road Freight Forwarding industry revenue has expanded with demand from key markets growing. Surging demand from online shopping has significantly boosted forwarder activity, particularly in express freight services, allowing forwarders to charge premium rates. Growth has been subdued by rising competition from vertically integrated logistics firms offering end-to-end solutions, reducing forwarders’ role in the road freight sector. In 2021–22, industry revenue surged significantly because of the boost in international trade and manufacturing activity as the economy emerged from the pandemic. Despite a slight climb in profit margins over the past five years, they remain low compared to historical averages because of significant climbs in fuel prices and intense price competition. Industrywide revenue has been rising at an annualised 3.9% over the past five years and is expected to total $5.7 billion in 2024-25, when revenue will fall by 0.5%. The Road Freight Forwarding industry is highly fragmented and exhibits low market share concentration, with no company accounting for over 5% of the market. The industry faces significant substitutes from rail, air and sea freight services and integrated logistics firms. Buyers benefit from abundant choices, which enhances their negotiation power, while suppliers control critical assets like trucks, amplifying their bargaining strength. Wages have decreased as a revenue share because of increased automation and technological advancements reducing labour intensity. Rising fuel prices have led to purchases climbing as a percentage of revenue. Demand for road freight forwarders is expected to climb in the coming years, aligning with economic expansion and rising international trade volumes. Increased digital connectivity will boost online shopping activity, promoting goods transportation. Infrastructure investments upgrading road networks in major cities will benefit road freight forwarders by supporting increased freight volumes. However, significant investment in rail networks to reduce road congestion may eventually make rail freight more attractive, constraining revenue growth for road transport. Initially, during construction, line closures and delays benefit road freight because of its flexibility, temporarily boosting road transport activity. Industry revenue is forecast to climb at an annualised 2.7% through 2029-30 to total $6.5 billion.