Pedestrians on Collins Street, Melbourne. Credit:Paul Jeffers

Pedestrians will be given priority in Melbourne's centre with the council considering drastic changes to make it easier to get around on foot, potentially boosting the CBD's economy by $2.1 billion a year.

One change being considered would be to increase pedestrian signal times to reduce walkers' wait to cross roads. It is one of several suggested ideas proposed in a series of discussion papers released on Thursday by the City of Melbourne as it works to produce a "refreshed" Transport Strategy to set targets to 2050.

With the daily population in the city set to increase from 911,000 to 1.4 million by 2036, the council says the city's transport system is at a "critical juncture", and have asked Melburnians for their feedback on transport issues.

"We face a once-in-a-generation opportunity to make bold decisions," the council states.