The Queensland Government has acknowledged years of frustration at the unveiling of yet another plan to expand Brisbane's inner city rail capacity.

A Cross River Rail Delivery Authority will be established to find $5.2 billion in funding for what is at least the third major version of the rail project.

The 10.2-kilometre route would run from Dutton Park to Bowen Hills, with a 5.9-kilometre tunnel under the Brisbane River and new stations at Boggo Road, The Gabba, Albert Street and the Exhibition.

Acting Premier Jackie Trad said the previous Liberal National Party government should have backed Labor's first version of the project, instead of its own Bus and Train Tunnel.

"We know that there has been a level of frustration in relation to this project. We've felt this frustration," Ms Trad said.

"I think it's important to note that if the Newman government had signed up to cross river rail, as their independent expert panel had advised more than three years ago, then we would see construction today.

"We know that there has been chopping and changing.

"It seems like every time a government is elected there's a different view."

Brisbane CBD's only cross-river-rail crossing, the Merivale bridge, is nearing capacity.

A look at the Queensland Government's vision for the Brisbane Cross River Rail project. ( Supplied: Queensland Government )

Federal Opposition Leader Bill Shorten said a Labor government would allocate Commonwealth grant money for cross river rail, as well as funding from a $10 billion "Concrete Bank" of private investment, including superannuation funds.

"My ideal split would be that we'll try and get the private sector to contribute funds in a way which guarantees good returns for their investors," Mr Shorten said.

Transport Minister Stirling Hinchliffe said the cost would be split between three levels of government and the private sector, with the state not ruling out borrowing money for its share.

"Cross river rail has been a political football for far too long," Mr Hinchliffe said.

Despite that, both sides continued to trade insults over the non-delivery of the long-standing plan.

The LNP's Infrastructure spokesman Tim Nicholls said the latest version had no funding source and no start date.

"All we have is more talk," Mr Nicholls said.

"This is a 'gonna' government. They're 'gonna' do this, they're 'gonna' do that.

"If we had a dollar for every time that Labor was going to do the cross river rail, we'd probably have enough money to deliver it by now."