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What is the Regional Infrastructure Fund
The Regional Infrastructure Fund is an initiative which aims to assist the growth of rural Victoria by providing grants for infrastructure projects that have the potential to stimulate economic and community development.
Success Stories
Bulletpoint assisted the Greater Shepparton City Council to receive $7.19 M towards the Greater Shepparton Regional Sports Precinct.
This project will substantially expand the capacity of the 65 hectare Greater Shepparton Regional Sports Precinct (GSRSP) by building new fields and facilities for a range of sports. It will provide modern infrastructure for the site, including a linking boulevard, fencing, landscaping, playgrounds,signage, car parks, traffic signals and supporting works.
Background
The Regional Infrastructure Fund (RIF) focusses on priority projects to meaningfully support regional communities in their immediate response and recovery efforts, address complex local challenges and lay the groundwork for future growth.
RIF is a key component of the Regional Jobs and Infrastructure Fund (RJIF), the Victorian Government’s flagship regional development fund central to driving growth and recovery in rural and regional Victoria. RJIF has been allocated $30 million in 2022-23 to leverage private sector investment, grow and diversify our regional economy, and improve economic and social outcomes to make regional Victoria an even better place to live, work and invest.
Objectives
The objectives of the Regional Infrastructure Fund are:
- To create and retain jobs in regional areas and support regional economies and communities, including transition, diversification and recovery efforts.
- To increase economic and social benefits through improved community access and usability of precincts, towns or regions.
- To increase economic and social benefits through investment in strategic and public enabling infrastructure.
Program Streams
The Regional Infrastructure Fund provides public grant funding for the following four program streams:
Visitor Economy
This program stream aims to harness the economic strength of regional Victoria’s visitor economy. It will create new or redevelop existing tourism and cultural assets that improve the attractiveness of regional Victoria and stimulate increased visitation and private sector investment. These projects will diversify regional Victoria’s economic and social base.
Productive and Liveable Cities and Centres
This program stream aims to stimulate new investment opportunities and jobs growth. It aims to increase the use and dollar-spend within regional Victorian cities, centres, towns and precincts as well as improve access and connectivity to transport, retail and service hubs. Projects supported under this program stream will coordinate a number of economic and social services and activities and create or enhance economic growth conditions.
Enabling Infrastructure
This program stream supports regional industries to innovate, build resilience and improve adaptability to changing economic and environmental conditions. This program stream recognises that investments in strategic and enabling infrastructure are critical to providing a competitive environment for existing and emerging regional industries to operate in.
At the same time, they help unlock the region’s growth potential.
Rural Development
This program stream will assist rural Victorian businesses and communities to create opportunities for economic growth. It will also assist in enhancing the appeal and liveability of rural towns and surrounding areas by improving local infrastructure.
Funding
Funding requests will be considered between $20,000 and $3 million excluding GST. Lower grant amounts than requested may be offered to a successful applicant.
In determining funding, previous Victorian Government contributions from all sources may be taken into consideration.
To receive a grant through the Regional Infrastucture Fund a project must have funding from other sources beyond the requested grant amount. Applications must show co-contribution funding as per the required funding ratio outlined in the Program Guidelines.
Eligible Projects
The Regional Infrastructure Fund will support enabling and transformative infrastructure projects that:
- are strategic and align with the relevant Regional Economic Development Strategy and RJIF objectives and, where appropriate, other current and relevant government (local, state or federal) economic and placed-based plans and strategies
- respond to and addresses opportunities and challenges relevant to an identified region or place
- make a clear case for the impact of the project and its identified economic and community benefits, at the local and regional level, and/or for the state or an industry
- are sustainable over the longer term, show demand for use and have no fundamental risks or constraints to the project’s viability (e.g. labour supply, transportation requirement etc.)
- have an evidence base showing demand for the project, demonstrate that consultation has been undertaken, and there is appropriate stakeholder support, whether that be community, local government, or local industry
- are well planned with well mapped project implementation planning, have identified other funding sources, and have a clear timeline for project development and use.
- can demonstrate that all relevant approvals and permits required to commence the project can be obtained within the proposed delivery time frame.
Eligible Applicants
Applicants must have an Australian Business Number (ABN).
Applications will be considered from the following legal entities:
- Local Government Authorities
- Alpine Resorts Management Boards
- Aboriginal organisations
- business and industry groups including:
- chambers of commerce and business associations
- industry peak bodies
- business and industry clusters and networks
- incorporated not-for-profit organisations, including community groups that are a:
- cooperative or association
- social enterprise organisation
- TAFE institutions and universities
- public/private partnerships, through an incorporated entity
- other organisations agreed by Regional Development Victoria at its discretion.
Timing
Applications close 17 August 2022.
Need Infrastructure Funding?
Call 1300 658 508
Latest News
17 May 2021 – Romsey Ecotherapy Park receives $615,000
A third round of funding has been announced for the Romsey Ecotherapy Park. The $615,000 grant comes from the Regional Infrastructure Fund – Stimulus Round. The Labor Government is also investing $3.5 million for a new multipurpose community hub at the site of the Trentham Mechanics Institute and $500,000 for the first stage of the Wombat Hill Gardens Master Plan. The fund is key to the Labor Government’s $8 billion investment across regional and rural Victoria unveiled in the Victorian Budget 2020/21.
