The funds will be provided through a partnership of seven Queensland natural resource management bodies, six peak agriculture industry groups and the World Wide Fund for Nature.

Reef Rescue was an election commitment to help improve the health of the reef by promoting better land management practices.

The project already has the backing of more than 900 farmers as well as the tourism, fishing and aquaculture industries, Indigenous communities, conservation groups and researchers.

According to the Federal Government, the $50m committed today will attract more than 2000 additional farmers and graziers to join the project to further improve their farm management.

Minister for Agriculture, Tony Burke, said the Government was providing the funding, but farmers were contributing their expertise.

"This is a once-in-a-lifetime chance to resuscitate the reef which is at serious risk after years of neglect," Mr Burke said.

"Farmers hold one of the keys to the reef’s long-term health – they understand the land and how to manage it in a smart, productive way.

"Every individual farmers' knowledge is another piece in the puzzle to help save the reef for future generations."

Minister for the Environment Peter Garrett said through Caring for our Country the Rudd Government had set a clear objective of reducing dissolved nutrient and chemical discharge from land to the reef by 25 per cent by 2013.

"The Great Barrier Reef remains far and away one of our most important and significant natural environments and its international recognition, its contribution to our tourism market and its importance as a nursery ground for diverse coral and fish species is paramount," Mr Garrett said.

"This funding boost builds on the very good efforts already made to date in scientific research and on-ground action to improve the quality of water entering the Great Barrier Reef lagoon.

"We know that by working together – environment groups, farmers, industry and land managers - we can ensure that the Great Barrier Reef has the best chance of survival, particularly in the face of dangerous climate change," Mr Garrett said.

* For more information go to www.nrm.gov.au/businessplaninvestment