Australia’s economy is 12% larger today than it was in 2018. Yet Australian air cargo imports are about 8% below October 2018 peak and about 15-20% below the long-term trend. Exports are 25% below the March 2019 peak. Meanwhile, container volumes are about 6% higher. The share of total non-bulk trade has generally hovered around 30% of total trade but dropped to 26% in the most recent 12 months. However, since mid-2023, both air cargo import and export traffic have been improving. E-commerce and more capacity could lead to a recovery of inbound and a resumption of lost Chinese demand in a recovery of exports. This article discusses the outlook for Australian air cargo.