The initial design for a new $700 million convention centre to be built on the shores of Canberra's Lake Burley Griffin has been unveiled by the ACT Government.

The concept is a collaboration between the architecture firm responsible for Parliament House, Guida Moseley Brown (GMB), and Rome-based architect Massimiliano Fuksas.

It was selected by a nine-member judging panel who described it a "poetic and sculptural treatment of architectural form".

Chief Minister Andrew Barr said both GMB and Mr Fuksas had a strong portfolio of successful design projects and a track record of delivering large-scale public projects.

"GMB was responsible for Canberra International Airport, Parliament House and numerous public projects in South East Asia," he said.

Designed by Massimiliano Fuksas and Guida Moseley Brown, the project is worth $700 million. ( Supplied: ACT Government )

"While Fuksas recently completed outstanding international projects including the New Trade Fair in Milan and Shenzen International Airport in Guangdong, China."

The ACT Government has been pushing for a new centre to replace the existing National Convention Centre on Constitution Avenue since as early as 2008.

Mr Barr said the selection of the design was an important step in the development of the centre.

"The next step is for the winning architects to work with the ACT Government, industry and stakeholders to finalise a reference design and business case for the centre," he said.

Strong support for centre from business community

The Canberra Business Chamber (CBC) has thrown its full support behind the Government's push for a convention centre.

The chamber's chief executive officer, Chris Faulks, said the business community in the ACT believed the construction of a venue that could host major national and international meetings was the ACT's number one infrastructure priority.

"Being able to host major meetings is an integral part of Canberra's role as the national capital - the seat of the Australian Government, the home of national institutions, and a recognised knowledge and innovation hub," she said.

"We look forward to continuing to work with the Government, business community and industry to make the Australia Forum a reality."

The CBC and Canberra Convention Bureau (CCB) commissioned EY to create a case for investment in the project.

It found the convention centre would have a benefit cost ratio of 2:4 over 20 years, which Ms Faulks said compared well with other convention centres.

"Economic returns on offer from the [convention centre] could be even higher than the BCR suggests, as it does not take into account additional inputs to the local economy from people accompanying conference attendees or the boost to tourism from extended stays and people returning for a holiday in the future," she said.

"The expenditure of delegates attending [convention centre] events is estimated at $3 billion in the first 20 years.

"This is $1.6 billion more than the current convention facility is anticipated to bring into the economy."

The Canberra Liberal Party have also shown support for the project in the past.

However in May last year, the Federal Government rejected an ACT request for $8 million to kick start plans for the centre, despite initially expressing an interest in the project.

At the time, Katy Gallagher, who was then the chief minister, said the Federal Government's backflip was disappointing given the interest shown by Chinese investors during a visit she made there with Tony Abbott.

The judging panel for the initial design included National Capital Authority chief executive Malcolm Snow , ACT Government architect Alastair Swayne, Canberra Convention Bureau chief executive Robyn Hendry, Australian Institute of Architects gold medallist John Denton, City to the Lake project director Tim Xirakis and City to the Lake project planning and design adviser Ian Wood-Bradley.