The project will construct the new Rookwood Weir on the Fitzroy River near Rockhampton, and includes enabling works to upgrade existing infrastructure to support the construction and operation of the weir.
The project will provide water security to help grow and diversify agriculture in the region, and support industrial and urban water use around the Gladstone, Capricorn Coast and Rockhampton regions.
The $367.2 million project is jointly funded by the Australian Government ($183.6 million) and the Queensland Government ($183.6 million).
Australian Government funding is provided through the National Water Grid Fund.
Construction is expected to be completed mid 2023.