The Australian and Queensland Governments have jointly provided A$57.4m ($44m) in funding for the upgrade of the Coomera Interchange (Exit 54) on the Pacific Motorway.

The latest upgrade will also receive a A$17.3m ($13.1m) contribution from the developers of the Coomera Town Centre where investment worth an estimated $1bn is in the pipeline.

Australian Deputy Prime Minister and Minister for Infrastructure and Regional Development Warren Truss said construction on Stage 2 of the interchange upgrade will begin later this year.

"This major precinct will stimulate economic growth in the region and create jobs for local workers."

"The announcement today of the funding partnership between the federal and state governments, along with the developers of the Coomera Town Centre, will see work commence on reducing congestion through this busy interchange," Truss said.

Final design work on the project is expected to be completed in the coming months, with construction to start soon after, while upgrade is slated for completion in late 2016.

Deputy premier and minister for transport, infrastructure, local government and planning, and minister for trade Jackie Trad said: "This major precinct will stimulate economic growth in the region and create jobs for local workers at a time when jobs and job security are more important than ever."

The upgrade will improve traffic flow and provide necessary road infrastructure to enable the development of the Coomera town centre.

The former Labor Government declared the master plan in December 2009 for the 680ha Coomera Town Centre.

As part of the project, upgrades will take place for roundabouts with signalised intersections to reduce queuing on the motorway ramps.

A northbound exit loop ramp will provide an easier connection to Foxwell road (east) and a southbound off-ramp would be realigned to intersect with the Old Pacific Highway service road.