Up to $272.2M is available from the Regional Growth Fund to support projects that will bring long-term economic growth and create jobs in regions undergoing structural adjustment.
Regional Growth Fund
The Regional Growth Fund is an investment program to fund major transformational projects which support long term economic growth and create jobs in regions, including those undergoing structural adjustment.
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.
The expected outcomes of the Regional Growth Fund are to:
- create jobs
- drive economic growth
- build stronger regional communities.
The Australian Government has announced a total of $272.2 million over four years from 2018-19 to 2021-22 for the Program. Grant applications for a minimum of $10 million will be considered.
Proponents or other contributors are required to contribute at least 50 per cent cash funding to the project. Therefore, the total project costs must be at least $20 million (GST exclusive).
There is no cap on the maximum amount that may be applied for, however, it should be noted there is only $272.2 million available in total.
Projects must be completed and acquitted by 30 June 2022.
Projects must be for ‘common-use’ infrastructure or private use infrastructure that will deliver significant and sustainable benefits to the region by creating jobs and flow-on benefits to the economy.
Your project must be a capital project involving the construction of new infrastructure, or the upgrade or an extension of existing infrastructure. The upgrade or extension of existing infrastructure will only be eligible where you can demonstrate significant increase in benefit.
Your project may include a number of strategically linked projects which together form a Package of Works that will deliver economic benefits to a region or regions.
To be eligible your project must be ready to commence within 12 weeks of executing the Grant Agreement. We consider commencement to be taking steps to allow construction to commence. You must acquit your project by 30 June 2022.
You can use the grant or additional funding for the following activities:
- purchase of materials
- purchase of land or existing infrastructure where the purchase is not the sole activity of the project
- external labour hire
- plant and equipment hire
- construction activities
- external consulting costs directly related to the delivery of the construction.
To be eligible you must be a legal entity, have an Australian Business Number (ABN) or Australian Company Number (ACN), and be one of the following entities:
- a private sector business, i.e. for-profit businesses that are not owned or operated by the Government
- a State or Territory Government
- a local governing body as defined by the Local Government (Financial Assistance) Act 1995
- a not-for-profit organisation that has been established for at least two years. As a not-for-profit organisation you must demonstrate your not-for-profit status through one of the following:
- Australian Charities and Not-for-profits Commission’s (ACNC) current registration
- State or Territory Incorporated Association status
- Constitutional documents and/or Articles of Association that demonstrate the not-for profit character of the organisation.
For the purposes of the Regional Growth Fund, it will also consider the following organisations to be local governing bodies:
- Anangu Pitjantjatjara, Maralinga, Gerard, Nepabunna and Yalata local governing bodies in SA
- Cocos (Keeling) Islands Shire Council
- The Lord Howe Island Board
- Norfolk Island Regional Council
- The Outback Communities Authority
- The Shire of Christmas Island
- The Silverton and Tibooburra villages in NSW
- The Trust Account in the NT.
The Department will undertake appropriate verification checks on all applicants such as through the Australian Securities & Investments Commission (ASIC) registers and relevant state agencies that oversight integrity of public administration (such as Independent Commission Against Corruption (ICAC) in New South Wales and the Crime and Corruption Commission (CCC) in Queensland). This information will be provided to the Ministerial Panel for consideration when deciding those projects that will be selected to proceed to Full Business Case.
Applications close 27 April 2018.