Woden Contractors has been set the task of widening the busy thoroughfare, with a third lane to be added to on the eastbound section from Glenloch Interchange to Edinburgh Avenue.

Parkes Way now carries more than 35,000 vehicles a day. But, with increased residential development in the Molonglo Valley and Gungahlin, the volume of traffic is forecast to increase to 40,000 vehicles a day by 2016.

The project will also improve the Parkes Way on-ramp to Commonwealth Avenue by increasing the length of the merging lane with London Circuit southbound traffic.

New street lighting will also be installed along the route.

ACT Chief Minister Katy Gallagher said a number of road projects were now under way or due to commence this year, which would increase the capacity of the ACT road network and improve safety. ''The ACT government has made record investment in our road network in the 2010-11 and 2011-12 financial years to improve safety, reduce travel times, encourage cycling and support public transport,'' she said.

''A total of $263 million was provided in the 2010-11 and 2011-12 [ACT] budgets for the road network and associated infrastructure … Other road projects currently under way include Belconnen to City Transit Way, Majura Parkway, Kings Highway and the Monaro Highway duplication.''

During construction, two lanes in each direction of Parkes Way will remain open, however, there will be reduced speed limits to ensure driver and worker safety.

The project is expected to begin this month and be completed in June next year.