A long-awaited upgrade of Brisbane's Eagle Farm racecourse is off and racing with a $22 million refurbishment to be complete ahead of next year's winter carnival.

The makeover, the first since 1972, includes the reconstruction of the racing surface and will open up the area inside the track for stabling and training facilities.

The Queensland government announced the project on the city's biggest race day, Stradbroke Day.

"This long overdue refurbishment of the Eagle Farm track will stimulate wagering growth on the venue, which provides more funding for the industry as a whole, and will get more patrons to the track for race days," Treasurer Tim Nicholls said on Saturday.

The upgrade is part of the government's $110 million pledge to improve racing infrastructure across the state.

Construction is due to begin in early August.