THE McKoy Street intersection fix will be the biggest roads project funded by the federal government in the twin cities since the completion of the Albury internal bypass 13 years ago.
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The Victorian government is also topping up its contribution with the revised budget being $210 million with a forecast 520 jobs created.
The internal bypass cost more than $500 million with the bulk of the works carried out in Albury.
The Wodonga section cost $150 million and the Victorian government bankrolled the $5.8 million Bandiana Link.
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Even the $80 million, 20-kilometre bypass of Wangaratta completed in 1994 cost less than upgrading the McKoy Street intersection with the national highway.
The total scope of the project is unclear with planning works beginning in April by Major Road Projects Victoria.
Australian Industry Group regional manager Tim Farrah hopes the project can start as soon as possible for the Albury-Wodonga economy to benefit from the massive spend.
"Start date is key, but regardless of where the economy is at, those sorts of projects are fantastic. When you create that many jobs there is a lot of scope for training people in new skills," he said..
"Full employment in the two big sectors of construction and manufacturing are massive.
"That drives spending into tourism, hospitality and retail and that creates demand for those sectors to start employing people.
"They've been smashed in COVID.
"But none of it works unless people feel as though they've got job security.
"These big projects, which are going to take three years to complete, give that certainty."
Indi MP Helen Haines raised concerns about the need for the extra money for McKoy Street and in discussions with Wodonga Council there were more deserving projects to stimulate economic impact in the short-term.
"There's no question the McKoy Street-Hume Freeway intersection needs to be fixed," she said.
"But it's still two years before a shovel goes in the ground for the McKoy Street overpass.
"My communities need that stimulus now. In August, I worked with (Wodonga Council) and other councils to identify priority infrastructure projects to create jobs quickly and set up our region for the future.
"The (council) did not call for a massive bulk-up on McKoy Street."
McKoy Street is the only section of the Hume Freeway under a 80km/h speed restriction.
But the service station developer, United Petroleum, successfully appealed to the Victorian Civil and Administrative Tribunal on the condition it upgraded the freeway intersection.
