Federal budget green light for Brisbane cross-river rail project THE long-awaited Cross River Rail Project has been given the green light in the federal budget but the private sector will have to step in to get the vital project off the ground. The Gillard Government has promised to upgrade several major roads in Queensland, give a boost to the local movie industry and improve water quality in the Great Barrier Reef. Is this a good Budget for Queensland? Tell us in the comments section below. But the vital Cross River Rail project was perhaps the most anticipated budget announcement, however, Canberra ear-marked just $715 million for the plan in a dollar-for-dollar funding arrangement with the State Government. Budget at a glance: what you need to know An artist's impression of the proposed Cross River Rail project. The shortfall of nearly $3 billion on the $4.3 billion project is set to be filled by the private sector which will be asked to tender for work on the project in exchange for highly secure, government-backed returns on their investment. The project, identified by Infrastructure Australia as a priority of national significance, includes a 10km twin track tunnel between Yeerongpilly and Victoria Park. Transport Minister Anthony Albanese said the project would also include underground stations at Woolloongabba, Boggo Road, Albert Street and Roma Street. "This transformative project will almost double the capacity of Brisbane's suburban rail network, allowing it to carry over 17,000 extra passengers during the morning peak hours," Mr Albanese said. The Commonwealth intends tendering out major aspects of the project to the private sector and repaying contractors with state and federal funded "availability payments." The availability payments, with the cost again split 50/50 between Canberra and Queensland, are essentially a bond scheme, providing a guaranteed return to private contractors doing government work, and allowing governments to spread their costs over several decades. The plan looks likely to keep the state inside the $2 billion budget allocation it had made for the project. Transport Minister Anthony Albanese said the financial mechanism of availability payments worked well in a host of government contracted projects, and he expected a competitive tendering process. Meanwhile Queensland will take a large slice of the $6.2 billion to be spent over the next five years to help support disaster relief, with $1.9 billion to help the state recover from the January floods. Regional roads for upgrade include Mackay which will get its ring road, as well as the Ipswich Motorway which will be be upgraded from Rocklea to Darra, while the Warrego Highway will be upgraded between Toowoomba and Miles. The local movie industry will also get a boost with $21.6 million earmarked to attract production of the feature film "20,000 Leagues Under the Sea: Captain Nemo" to Queensland. Queensland's Great Barrier Reef will also be given further protection with a $200 million project over the next five years designed to improve water quality. The "Reef Rescue" is designed to help land managers, including cane farmers, adopt better agricultural methods reducing the discharge of nutrients sediments and pesticides into the reef lagoon. Queensland farmers will also benefit from from the budget's Farm Finance package designed to help struggling farmers handle debts by providing concessional loans and more rural financial counsellors.