The Narrabundah velodrome is set to reopen by next year, with Tuesday's budget committing $650,000 to the cycling track, which had been closed due to safety concerns.
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The future of the velodrome was unclear when the government closed the facility in April, citing safety worries, but the $650,000 presents a lifeline for the only track cycling facility in the territory.
ACT Academy of Sport cycling coach Glenn Doney said the funding was ''fantastic news for cycling in Canberra''.
''We were concerned that with the budget deficit predicted there might not be money available for the velodrome - but it's a great result for us,'' he said.
''We had to go two steps back before we could go three steps forward, but the extra funds mean we will be able to do other work like fixing the velodrome's corners and lighting.''
The investment is one of the largest individual sporting infrastructure projects to be funded by the government this year, with the velodrome's upgrade expected to be completed by December.
The budget also showed the ACT Brumbies will get a $7.5 million tax break on their Griffith development, on the condition they invest that in the new sports hub facility at the University of Canberra.
That is on top of a previously budgeted $1 million for an upgrade to the Griffith playing surface, which will also transfer to the university hub, and $5 million to house ACT Sport there.
As expected, Manuka Oval is receiving another large investment in preparation to attract World Cup cricket fixtures in 2015.
More than $4 million has been allocated to increase capacity of the oval by 1400, resurface the playing field and improve spectator and media facilities in an effort to lower the subsidies required to attract fixtures to the oval.
Sport Minister Andrew Barr said that the upgrade would allow Canberra to host more cricket and AFL matches.
''It's a major event venue in Canberra for two of Australia's most popular sports in cricket and AFL and we want to see more matches played there,'' he said.
The budget allocated $250,000 for a feasibility study into combining the three racing codes - harness, thoroughbred and greyhound - in one site, with the promised $100,000 in seed funding for Horsefest also accounted for.
Other initiatives include $200,000 for upgrades to territory netball facilities and $200,000 for the promised synthetic football pitches at Melrose High School.
