It’s a milestone day for Tasmania, as both the federal and state government have confirmed its largest transport infrastructure project ever is officially open.

The new Bridgewater Bridge is the largest transport infrastructure project in the state’s history, with the $786 million bridge now open to traffic.

The infrastructure is boasting improved connectivity that enhances freight and passenger movement, with the federal government committing $628.8 million to the project while the Tasmanian government covered the remaining $157.2 million.

“My government is building Australia’s future by investing in transformative transport infrastructure like the Bridgewater Bridge,” Prime Minister Anthony Albanese says.

“We have worked with the Tasmanian government to deliver a landmark project that will improve safety, deliver a better commuter experience, and boost productivity in this great state.

“The Bridgewater Bridge is about more than meeting the needs of Tasmanians today – it’s about making sure that Tasmanians have the world class infrastructure they deserve for generations to come.”

The new four-lane bridge is set to significantly reduce bottlenecks on the key section of the highway network and is the fifth bridge to be built across the River Derwent at Bridgewater. Now open, the four lanes will operate at 80km/h.

It replaces ageing infrastructure with a state-of-the-art structure that will serve the people of Tasmania for decades to come.

“This is a bridge built by Tasmanians for Tasmanians, and is something that everyone in the state can be proud of,” Tasmanian premier Jeremy Rockliff says.

“The Bridgewater Bridge has been talked about for decades, but together with every person involved in this project, we have delivered it.

“The new bridge is a testament to what we can achieve in Tasmania when we work together.

“Major infrastructure projects like this inspire, support our economy, upskill our people, and build a better Tasmania: now and for the future.”

The 1.2km-long crossing will improve safety for drivers, pedestrians and cyclists, with new interchanges, a three metre wide shared path and modern safety features.

The bridge also includes improved access for marine traffic, with a higher clearance and no lift span, reducing delays and improving efficiency for both road and river users.

It has been designed to support growth throughout the region and has been built with a vision towards the future of the state.

Works across the project site will continue over coming weeks, including landscaping, construction of the new roundabout linking Old Main Road and Gunn Street, and removal of the temporary bridge and barges.

“The first Bridgewater Bridge opened in 1848, and today we’re opening the fifth, marking a historic milestone in the history of Tasmania,” federal transport minister Catherine King says.

“Investing in major infrastructure projects doesn’t just keep people and goods moving, it provides an ongoing boost to local economies through more efficient and effective transport.

“We are proud to partner with the Tasmanian government and local industry to deliver this important project which will improve safety, support economic growth and leave a lasting legacy for future generations.”