Perhaps the most exciting element of the outlook is domestic airline capacity growth. We're seeing not only new aircraft entering the fleet that will drive growth, but we're seeing larger format aircraft. We're seeing the three twenty one's, the seven thirty seven Max's. So really this is the first time in over a decade that Australia is getting domestic airline capacity growth.
The international side is still constrained. The combination of COVID era, early aircraft retirements, and ongoing delivery delays means that the global wide body airline market is still constrained. And that means that Australia is having to fight harder than arguably it has in a very long time for capacity of international carriers into Australia. And those are the airlines that provide the vast majority of Australians' capacity to the world.
Despite this airline capacity growth, we are still seeing demand outstrip supply. And what we're seeing as a result is high load factors, still elevated airfares, robust yields for airlines and healthy profits. Now, this is all good. It's good for the profitability and the health of the airline industry, but it's still constraining demand.
But it's not all about the airlines. The other important element of aviation capacity is the airport infrastructure. We're seeing new runways coming online in the next five to ten years in Melbourne and Perth. We're seeing terminal expansions or new terminals in Perth, Brisbane, Melbourne, Sydney, Adelaide.
And of course, we'll have the new Western Sydney International Airport sometime around late twenty twenty six. All of this creates an environment for aviation growth. And it also creates the potential, despite the failure of Rex and Bonza, for a new airline entrant in the next five to ten years. We also think that good things are coming for air travelers.
New aircraft, existing aircraft cabin refurbishments, Wi Fi, and investments in airport infrastructure will lift the customer experience. We may all need to have a little patience as the scale of investment being made by Australia's airlines and airports is large. It's the largest, again, since privatization over twenty five years ago. With all this investment comes risk.
Risk to disruption, risk to the customer experience, and of course, to shareholder returns. So there are a couple of things that we think need to remain front of mind, particularly for airports. We're entering an unprecedented five to ten years of investment, and it's higher complexity and higher scale than anything the Australian airports have done before. This means that on time, on budget delivery is going to be critical.
Secondly, our view is that passenger forecasts remain optimistic for most If you added up the passenger forecasts of all of Australia's airports, it would be an order of magnitude higher than a reasonable national level forecast and a level of demand that is unsupported by the level of capacity that we're seeing entering the airline market. And thirdly, with airport capacity growing, but with airline capacity lagging passenger demand, we think it's going to be a very competitive time for airports. Overall, we're optimistic that after a number of very challenging years for the aviation industry and the traveling public, we're entering a new time of healthier financial performance and much improved experience.
