Filming this week began on Warner Bros. Pictures' and Legendary Entertainment's Godzilla vs. Kong at Village Roadshow Studios and sites on the Gold Coast.

The film, directed by Adam Wingard, will pit the fearsome Godzilla and the mighty Kong against one another, with humanity caught in the balance.

It comes after another blockbuster shot on the Gold Coast, Aquaman, reeled in more than $1 billion at the box office worldwide.

Godzilla vs. Kong will star Millie Bobby Brown from Stranger Things, True Blood actor Alexander Skarsgard and Baby Driver's Eiza Gonzalez, who this week posted a photo of waves to Instagram, prompting fans to speculate it was taken at Burleigh Heads.

The fourth instalment in the Godzilla-Kong universe, due to be released in May 2020, follows on from Godzilla, Kong: Skull Island, which filmed in Queensland in 2016, and the upcoming Godzilla: King of the Monsters.

Godzilla vs. Kong has been previously filming in Hawaii and will spend more than 26 weeks in Queensland, including pre- and principal production.

Acting Premier Cameron Dick said it was another exciting milestone for the state's screen industry.

"Queensland will once again play a starring role in producing world-class screen content for global audiences," he said.

"The direct spend and jobs created in Queensland by Godzilla vs. Kong will be similar in size to the Dora the Explorer production."

There will also be opportunities, in areas where Screen Queensland has identified a skills shortage, for Queenslanders to train with international experts.

Mr Dick said Premier Annastacia Palaszczuk met with Legendary Pictures executives in Los Angeles in June 2018 to negotiate for the film to come to Queensland.

"This meeting provided an opportunity to build on the strong and productive relationship the Palaszczuk government has fostered with Legendary Entertainment and follows on from Kong: Skull Island and Pacific Rim: Uprising also shooting in Queensland," he said.

"We will continue to promote Queensland as a destination of choice for production, post-production and innovative collaborations that extend audience experiences in ways of exhibitions and cultural tourism."

Mr Dick said Aquaman injected more than $144 million into the Queensland economy.

"[It] will continue delivering significant tourism benefits with fans booking holidays to Queensland to see some of the stunning locations featured in Aquaman, such as Currumbin Beach, North Stradbroke Island and The Spit at the Gold Coast."

Other Queensland-shot flicks include San Andreas and Thor: Ragnarok, and live-action feature Dora the Explorer.

Last year's federal budget included a $140 million tax break to help lure more film production to Australia, almost doubling the existing rebate to 30 per cent.