The financial crisis, which struck the Asian region in 1997, had many profound and far-reaching consequences for both the countries involved and the world as a whole. This study examines one aspect of the impact of the crisis on Australia the adequacy of the air freight network to carry Australian exports to Asian markets. Air freight exports are predominantly carried in the belly-holds of passenger aircraft. This study examines the contraction in passenger markets resulting from the financial crisis and analyses the implications for air freight exports. It also examines the demand for Australian air exports and constructs an air freight supply and demand scenario for twelve Asian countries. The study was completed for the Cross-Modal and Maritime Transport Division of the Department of Transport and Regional Services in response to questions raised by the Transport and Logistics Working Group of the Supermarket to Asia Council concerning perceptions of the availability of export air freight capacity to Asian markets.