The builders made the discovery at a depth of about 15 metres during excavation works near the Geebung Railway Station in Brisbane city.
The remains of ancient crocodiles, fish, freshwater molluscs and plants are contained within a layer of shale oil, which is approximately 50 million years old, AAP news agency reported today.
Brisbane's Mayor Graham Quirk said it's a fascinating discovery.
Transport Minister Scott Emerson, who has been overseeing the construction works, said there could be more fossils in the area.
"They are of course also interested in retrieving any other fossils that may be located in the vicinity of this one," Emerson said.
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