A new $150 million theatre in Brisbane will be the largest performing arts space in Australia.

Premier Annastacia Palaszczuk announced the new Queensland Performing Arts Centre (QPAC) theatre on Sunday with the 1500 to 1700-seat space set to be completed by 2022.

The state government will set aside $125 million in this year’s state budget with the additional $25 million coming from QPAC.

“QPAC is nearing full capacity in all its theatres, with a strong forward program of bookings to 2022 and beyond,” Ms Palaszczuk said in a statement on Sunday.

“In fact, QPAC is now the busiest theatre complex in Australia.”

She said building a new theatre was required to attract bigger shows and more visitors.

NEW THEATRE FOR QPAC! John Kotzas, Chief Executive said “This will be celebrated news for live performance in Queensland", from the Lyric Theatre Stage with Premier Palaszczuk, Deputy Premier Jackie Trad, Arts Minister Leeanne Enoch and QPAC Chair, Professor Peter Coaldrake AO. pic.twitter.com/GyOPDnYR0U

— QPAC (@QPAC) May 27, 2018

“My government is committed to supporting a vibrant arts and cultural sector in Queensland and I recognise the critical role of infrastructure in making this happen.”

The design will be awarded through a national competition.

It will be home to Queensland Ballet, Queensland Symphony Orchestra, Opera Queensland and Queensland Theatre.

Treasurer Jackie Trad said QPAC hosts more than 1000 performances annually and welcomed 1.3 million people through its doors last year.

“With the addition of this new theatre, QPAC would become Australia’s largest performing arts centre with the potential to welcome an additional 300,000 visitors each year when fully operational from 2022.”

QPAC chief executive John Kotzas welcomed the announcement.

“This will be celebrated news for live performance in Queensland, for our creatives and artists practising in Queensland, for our technicians and specialists and for our audiences.”

-with AAP