Brisbane's lord mayor plans to build a $1.54 billion high frequency subway system in the city if re-elected.

Graham Quirk says Brisbane Metro, his first major announcement, would link Woolloongabba in the south to Herston in the north through the CBD, removing 200 buses an hour from the Victoria Bridge during peak travel times.

"The growth of our city and the demand on the bus network to feed this growth is looming as one of the greatest challenges Brisbane is facing," he said on Sunday, adding it was a long-term transport strategy that would reduce travel times.

Labor's lord mayoral candidate for the March 19 election, Rod Harding, said Mr Quirk's proposed project was "nothing more than expensive, fancy buses".

He said the unfunded plan was not the answer to Brisbane's growing congestion crisis.

"All around Australia, all around the world, modern cities are moving towards light rail," he said, adding that he would announce his own transport plan next month.

Premier Annastacia Palaszczuk said it was a recycled policy that was first put forward by former lord mayor Campbell Newman and wasn't something taxpayers would want to fund.

News Corp reports funding would be sought from council, and state and federal governments.

The proposed subway would use parts of southeast and inner northern busways, would allow for bus services in the middle and outer suburbs and has the potential to carry 30,000 passengers an hour.

General traffic would be banned on the Victoria Bridge, the Cultural Centre Station at South Brisbane would move underground and a portal would be built under Adelaide Street to link North Quay and the King George Square busway.

About 170,000 people travel through the city each day and that is expected to climb to 250,000 by 2031.