Funds focus on regional infrastructure
Major infrastructure projects that will boost the capacity of regional areas are the target of a Regional Growth Fund established as part of the Federal Budget.
The new fund targeting the creation of more infrastructure in regional Australia will be set up with a total of $472.2 million over four years.
Included in that figure will be $272.2 million towards providing grants of $10 million or more for “major transformational projects” and job creation in regional areas going through structural change, designed to support the long-term growth of their economies.
Another $200 million will be invested in the Government’s existing Building Better Regions Fund to support the construction of community infrastructure and build the capacity of regional areas.
The BBRF was established last year to replace the National Stronger Regions Fund, and addresses a similar purpose of investing in infrastructure projects that strengthen the economies of regional areas.
The Regional Growth Fund will start with a $19.8 million injection this financial year.