Victorian Government fast-tracks rural, regional projects

Regional projects-VIC-Support
Image by Kristen Beever on Unsplash

The Investment Fast Track Fund, part of the Victorian Government’s program to fast-track job-creating infrastructure projects across regional and rural Victoria, is now open for applications.

The $10 million Investment Fast-Track Fund will support regional and rural projects to strengthen their investment evidence base by funding activities that support planning and preparation, thereby fast-track projects to investment ready stage.

Funding from Regional Development Victoria (RDV) is available at 4:1 ratio and capped at $500,000 per activity, however applications will be accepted for larger funding requests and will be considered on a case-by-case basis.

Funded activities will be considered on the basis of the resultant project’s strategic importance for rural and regional communities including driving economic growth and prosperity for Victoria.

The fund forms part of the state government’s $156 million Regional Jobs and Infrastructure Fund, which supports local projects. Almost $700 million and 11,000 jobs have been created since the fund was established in 2015.

Minister for Regional Development Mary-Anne Thomas said the investment will help to provide further infrastructure support throughout the state.

“The new Investment Fast Track Fund will support the recovery of communities large and small, and ensure Victoria continues to have our nation’s most vibrant regional economies,” she said.

The fund intends to increase visitors to regions throughout the state, use the private sector to drive projects and improve community facilities.

The opening of the Investment Fast Track Fund comes after the recent announcement of the Regional Infrastructure Fund – Stimulus Round.

Also part of the Regional Jobs and Infrastructure Fund, the stimulus round aims to create jobs by funding priority community projects that can be activated quickly, helping regions to recover and thrive.

Ararat Arts Precinct Redevelopment, Ballarat Council’s Eureka Stadium and Sports Infrastructure and Bendigo Airport Upgrade were among projects funded under theRegional Infrastructure Fund’s previous streams.

Applications for the second round of the Regional Infrastructure Fund’s 2020/21 program are due to open on 16 June.


 

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