Environment Minister Albert Jacob visited the site last week to make the announcement.
‘It is a very important section and is an entry way to South Perth,’ he said.
The City of South Perth will match the funding and the repaired walls will be strengthened, increased in height and will have wave reflection.
Mr McGrath said the funding takes the government’s contribution to $1 million as part of a 2013 election commitment to provide $1.35 million for the project.
‘This is great news not only for the people of South Perth but for the thousands who use the foreshore on a regular basis,’ he said.
‘It addresses a serious safety issue created by the damaged walls and, when completed, will complement the work being done across the river at Elizabeth Quay.
‘Hopefully, the remaining $350,000 will become available in the 2015-16 budget.’ Works are expected to start in September.