FEDERAL Minister for Regional Development, Territories and Local Government, John McVeigh, last week released the program guidelines and called for applications for the Australian Government's $272.2 million Regional Growth Fund.
The Regional Growth Fund will provide grants of $10 million or more for major transformational projects that support long-term economic growth and create jobs in regions undergoing structural adjustment. Projects must be located within an eligible area of Australia, or if located in an excluded area, projects must clearly demonstrate how economic benefits flow directly into an eligible area.
"The Regional Growth Fund will be a game-changer across Australia by unlocking government funding for projects that have the capacity to transform regional areas," Dr McVeigh said.
"The Coalition Government will invest a minimum of $10 million toward each successful infrastructure project, which will represent a maximum of 50 percent of project costs.
"We are focused on significantly leveraging our investment by working closely with local communities and other levels of government to drive the delivery of major projects."
Dr McVeigh said the Regional Growth Fund would focus on capitalising on the natural economic advantages of individual communities. "Successful projects will provide greater support for existing industries such as agriculture, tourism and manufacturing, allowing them to innovate and flourish," he said.
"Every community has unique strengths that the Regional Growth Fund will build on. I encourage all interested parties to get cracking on their Initial Application and get them in by 27 April 2018."
Selection of projects will be undertaken in two stages. Stage One requires submission of an Initial Application for competitive assessment. Stage Two is for the submission of a Full Business Case. Only successful applications to the Initial Application will be invited to submit a Full Business Case.
More information is available from the Department of Infrastructure, Regional Development and Cities website at <http://regional.gov.au/regional/programs/regional-growth-fund.aspx>.