While it hasn't yet confirmed the exact nature or timing of the upgrades, VicRoads says it will work closely with the community to ensure the needs of drivers, public transport users, cyclists and pedestrians are catered for.

With more than 34,000 vehicles crossing the bridge in either direction every day, and up to 1300 pedestrians walking across the bridge hourly after peak events, the bridge is one of Melbourne's busiest.

"Getting across the Yarra is always pretty bad, whether it's Punt Road or Swan Street, or Queensbridge Street ... but arguably I'd say Swan Street is one of the worst," says Brian Negus, the RACV's public policy general manager.

"It's just absolute chaos in that area, especially in Alexandra Avenue. It effectively backs up to City Road."

Drivers travelling eastbound towards Olympic Boulevard are forced to join a long queue in the one lane travelling in that direction, while impatient drivers continually cut in from the right, CityLink-only lane.

Damien Afxentis, Project Director Metropolitan Projects Western at VicRoads, said heavy traffic volumes on the Alexandra Avenue approach to the bridge created significant east-bound congestion, particularly during peak periods.

"A traffic study conducted by VicRoads in 2012 and 2013 confirmed congestion was a significant issue on Swan Street Bridge and as part of the 2015-16 Victorian State Budget, the Government committed $30 million towards an upgrade."

Mr Afxentis said an upgraded bridge would provide better links and access for locals and visitors to Melbourne's sports and entertainment precinct.

However Mr Negus said immediate action needed to be taken while VicRoads worked on its larger plan.

He said the taxi rank and drop-off area near Melbourne Park needed to be shifted, to allow an extra left-hand lane on Olympic Boulevard. The right eastbound lane over the bridge should also be opened to all motorists, not just those using CityLink, he said.

"What I just outlined here can be done tomorrow. It's not big work and big dollars," he said. "We're saying get on and do that straight away."