A new dive site, expected to pour an extra $2 million a year into the city's economy, is a step closer to becoming a reality this morning.
The State Government and Gold Coast City Council announced a $5 million funding deal today.
They will be splitting the bill 50-50, each chipping in $2.5 million.
The cash will go towards building an artificial reef in the shape of a pyramid or dome, 2.5km off Main Beach, to attract more visitors to our region.
Mayor Tom Tate said a final design was expected to be set in stone in the next few weeks before a contractor was announced next month.
"The aim is to have this new tourism asset installed by June 2021, ready to welcome divers from around the globe,"he said.
Premier Annastacia Palaszczuk welcomed the news.
"I know it's something that the Gold Coast has been looking forward to and looks like it's full steam ahead," she said.
The project was expected to create 18 jobs during construction and 82 jobs once it was up and running.