$355m Geelong City Deal Gets Green Light From State, Federal Governments
In a landmark agreement reached between Victorian Premier Daniel Andrews and Prime Minister Scott Morrison, $355 million will be injected into Geelong across a range of projects over the next decade. The various projects spanning across public facilities, retail space and infrastructure are expected to create a huge number of construction jobs for Victorians.
“The City Deal will be a game-changer for hardworking families in Geelong and the rest of the region, by generating an extra $1.1 billion into the economy and delivering nearly 1000 jobs every year,” said Mr Morrison upon unveiling the agreement.
The funding for the City Deal includes $170 million for a long awaited convention centre, delivering a 1000-seat venue to be built on the site of Deakin University’s waterfront campus car park. The new centre will fill a gap in Geelong’s ability to host events, as G21 data reveals that the city has been forced to pass on up to 60 events annually due to inadequate facilities.
First negotiated in January of last year, the finalised terms of the deal resulted in an additional $45 million in funding for the region. The City Deal had languished for months in a stalemate between the two governments, with the division of funding between Victoria and Canberra being hotly contested.
The Federal Government is funding a contribution of $183.3 million, with $172 million to come from the State. The City of Geelong has also previously pledged $15 million in additional funding.
Victoria had initially pursued a 50/50 split on funding for the convention centre, however the finalised Deal will see just $30 million of the $170 million project spend funded by Canberra.
Other projects to receive funding under the City Deal include a redevelopment of the Central Geelong precinct ($27.85m) and Shipwreck coast ($108m), as well as cash towards infrastructure projects along the Great Ocean Road and Deakin University’s new Economic precinct. The Queenscliff Ferry terminal is also set for a $10m upgrade.
Commenting on the much-needed injection of funding into Geelong, Mr Andrews said the deal will be responsible for “ creating thousands of new jobs and attracting visitors from right around the country — and we’re proud to have led the way in delivering it.”
Proposals for the region could also see construction of a hotel alongside new retail and restaurant offerings to further revitalise the Geelong region.
Header image source: City of Greater Geelong
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