Project plans to turn the Bali bomb site which was Kuta's Sari Club into a memorial park for the victims of terrorism have been boosted as the federal and state governments pledge financial contributions.

The Bali Peace Park has been planned by expatriate Australian landscape architect Made Wijaya.

The Federal Government will put up $450,000 to the project while other States are expected to add funds after the matter was discussed at the Commonwealth of Australian Governments meeting last month.

Image via Bali Peace Park

Queensland Premier Anna Bligh revealed her Government would contribute $90,000 towards the proposed Bali Peace Park, while the WestAustralian has reported that an announcement to be made in the coming weeks, with the state to pledge $50,000.

The Bali Peace Park Association has been working on the proposal since 2008 and hopes to have plans, which include a small museum, murals, ponds, lush vegetation and "contemplation corners" for Buddhists, Hindus, Muslims and Christians, underway in time for completion before the 10th anniversary of the 2002 terrorist bombings on October 12 next year.

The association believes the land can be purchased for about $800,000 with a further $800,000 required to build the elements of the park.