Brisbane City Council says the 86-year-old Story Bridge will need $1.35 billion in repairs by 2032, prompting a plea for federal and state government funding.
It is part of a 20-year renewal plan that is expected to cost $3.6 billion, on par with the price of the controversial Brisbane 2032 main stadium in Victoria Park.
Brisbane Lord Mayor Adrian Schrinner said the council would seek a funding split with the state and federal governments, with the latter asked to contribute 80 per cent.
Mr Schrinner ruled out putting a toll on the bridge for the first time since 1947 to help fund repairs, insisting the respective governments would come to the party.
The mayor said he already had "positive talks" with Queensland Premier David Crisafulli and written to federal Infrastructure Minister Catherine King.
''We're very confident all three levels of government will get behind the Story Bridge renewal so the bridge is at its best during the 2032 Games and beyond," Mr Schrinner said.
"What we are asking for is not unreasonable."
The council allocated $135 million to the bridge's renewal in the budget that was handed down by Mr Schrinner on Wednesday.
The Story Bridge Renewal Progress Update was released as part of the budget, estimating the huge costs required to restore the structure for 2032 and beyond.
A draft business case would be submitted to the federal government by August, the council said.
The progress update said the 20-year renewal project's $3.6 billion price tag would be far less than a full bridge demolition and replacement, which it estimated would cost at least $9.3 billion.
After five years of construction, the Story Bridge was opened in 1940 when it carried less than 10,000 daily trips.
The iconic structure now carries more than 100,000 vehicles a day with traffic set to sky rocket during the Games.
"It was built to last 100 years and the business case is a blueprint to ensure it's around for another century and more," Mr Schrinner said.
Brisbane City Council - Australia's biggest with a population of about 1.3 million - on Wednesday announced a $3.9 billion 2026-27 budget with a $196 million surplus and no new borrowings.
Average rates will increase 3.97 per cent this financial year - or $1.22 a week - but it is below inflation and lower than other south-east Queensland local government areas.
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