Its original price was $190 million, but this was revised up last year to $280 million and today’s figure has it at $299 million, an increase of 7 per cent.

Civic Cabinet Transport Chair Ryan Murphy said major projects Australia-wide were under ongoing pricing pressure.

Cr Murphy said the project cost had increased from what was anticipated prior to the COVID-19 pandemic and the massive escalation in construction material costs which had followed.

“All major projects are under pressure, but unlike other levels of government we are always open and transparent about cost increases,” Cr Murphy said.

“The Kangaroo Point Green Bridge is council’s biggest active travel project, and it isn’t immune to the increasing construction costs other major projects are also facing.

“Right now, there are global supply chain problems, labour shortages and huge construction cost increases but we will continue to build the infrastructure our growing city needs.”

“The conditions in the market right now are a perfect storm for anyone building major infrastructure, but we have to push through and get this project done for Brisbane’s future.”

The bridge was now about 240 metres across the river, about 50 per cent of eventual completed span, he said, adding that the idea of a bridge linked Kangaroo Point to the city had been talked about since the 1800s.

“Brisbane is Australia’s fastest growing capital city and it’s important we deliver the transport infrastructure we need to keep people moving,” he said.

“With more and more major events coming to Brisbane, including the Olympic and Paralympic Games, the Kangaroo Point Green Bridge will become a destination for tourists and a key link for people travelling to the CBD and the Gabba stadium.

“We have been using the largest lifting capacity tower crane in the world to install the steel bridge spans across the Brisbane River.

“This highly technical project is looking incredible for passers-by who can now see the clear progress on the construction.

“This installation of the fifth bridge span is a major construction milestone and brings us one step closer to the bridge connecting in the middle from both sides of the river.

“A combination of the 1000-person strong local workforce and specialised construction equipment and methods means this new bridge can be carefully pieced together in the heart of the CBD with minimal disruptions.

“The 460-metre Kangaroo Point Green Bridge will be one of the longest cable-stayed bridges for pedestrians and cyclists in the world.”

More than 6000 pedestrians, cyclists and e-mobility riders are expected to use the bridge daily by 2036, reducing car trips across the river by up to 84,000 each year.

The bridge is anticipated to be completed in 2024.