The Launceston City Council has already started its $62 million flood levee rebuilding project.

It has secured $39million in funding, made up of $13 million each from state, federal and council coffers.

Both the Liberal and Greens have pledged new funding to cover part of the shortfall, with the Federal Government expected to fund the rest.

Environment Minister Michelle O'Byrne said yesterday that Labor was committed to the long-term health of the Tamar River and understood its importance to the community and businesses in the region.

"Labor will provide further funding of up to $11.5 million to upgrade flood levees, over and above our previous funding of $13million, to assist the Launceston City Council meet additional costs it has encountered," Ms O'Byrne said.

She said Labor would also tackle the problem of sedimentation in the Tamar, spending an additional $6.65 million over three years to undertake a dredging program.

She said Labor would ensure an immediate start to remove 100,000 cubic metres of silt from tidal flats around Home Point and the yacht basin, supported by an ongoing annual maintenance program removing 50,000 cubic metres.

Bass Liberal candidate Michele McGinity said Labor had 12 years to react to the situation and five days out from an election had made this promise.

The Liberals have pledged $11.5million to protect the flood levees and $9.5 million for a dredging program and a single catchment management authority.

The Tasmanian Greens have pledged $12 million to upgrade the city's ailing flood levee system.