The new Kosciuszko Snowies Iconic Walk will link up with other walking tracks to create a 44-kilometre multi-day walk.
When complete, the walk will allow visitors to hike from Thredbo, via Charlotte Pass, Guthega, and Perisher to Lake Crackenback.
Along the way, visitors will be able to stay in luxury resorts or camping facilities.
Work on the Snowies Iconic Walk is expected to commence in early 2019, and will be delivered in stages until 2022.
Nearby, the Thredbo Valley Track will be extended by 21 kilometres.
Once complete, the track will be more than 61 kilometres long, allowing for hiking and mountain biking from Dead Horse Gap to Jindabyne.
The popular mountain biking track will be constructed using international guidelines. For the first time, it will be able to host long-distance mountain biking tournaments and tap into the summer mountain biking market.
Work on the Thredbo Valley Track project is expected to commence by October 2018. The first stage of the extension will connect Lake Crackenback to trails in and around Jindabyne, and is expected to open in 2019. The second stage, to be completed in 2020, will connect Thredbo to the Dead Horse Gap area, and the existing trail network that continues on into the Pilot Wilderness.
Deputy Premier and Minister for Regional NSW John Barilaro said the development of the hiking and biking trails would ensure the region is vibrant and busy all year round.
“It means people won’t just have jobs three months of winter, they’ll have work for 12 months of the year, thanks to a steady stream of visitors, mountain bikers and walkers,” Mr Barilaro said.
Once delivered, the upgraded National Park is expected to support an additional 190 full-time jobs.
The NSW Government is providing $27 million in funding through its Regional Growth Environment and Tourism Fund.