Projects to be funded will include support for the mining industry and its potential growth on the West Coast and improving Bell Bay freight options.

The 2022-23 state budget papers and forward estimates included $228.9 million in "equity contributions" from the two governments for the state-owned freight company.

Thursday's budget papers said the money included existing funding commitments of $117.9 million for the second and third tranches of the Tasmanian Rail Revitalisation Program and replacing the minerals shiploader and upgrading the mineral export facilities at the Burnie Port.

The papers said the contributions included new funding of $111 million over four years for:

The government will also spend up on bus company Metro Tasmania.

Treasurer Michael Ferguson's first budget listed infrastructure investment in Metro of $9.8 million, $19.2 million and $23 million in that order in the coming three financial years.

Funding plans included $19.6 million "to assist with" a common ticketing solution for all Tasmanian general access public transport.

A further $5.5 million was allocated for a zero emissions bus trial.

The budget papers listed $52 million over three years from 2022-23 to support Hydro Tasmania's upgrade of the Tarraleah Power Plant.

The budget included $45 million over the next two years for Stadiums Tasmania.

It would oversee the development and management of stadium assets.

Also, $5.7 million was allocated to TasRacing for North-West racing infrastructure, as uncertainty continued about the timing and location of new pacing and greyhound facilities.