A contestable $200 million fund over four years to accelerate the delivery of tourism projects across regional Victoria
Regional tourism is of particular importance to the visitor economy, contributing over $11.5 billion and generating over 114,000 jobs annually.
However, Victoria only holds a 14% share of of the $38 billion tourism development pipeline across Australia, coming in fourth place behind New South Wales, Queensland and Western Australia.
The Regional Tourism Infrastructure Fund (RTIF) was first introduced in 2016 and has delivered $101 million for upgrades to tourist landmarks over the past two years and encouraged tourism projects to be developed across regional Victoria. The Fund was successful in providing a pathway to accelerate delivery of regional Victoria’s high value tourism projects.
VTIC is now calling for the next iteration of RTIF to support the development of job-creating infrastructure projects, providing visitors with compelling reasons to visit regional Victoria, stay longer and spend more.
A competitive fund of this nature will provide an ongoing avenue to support projects at various stages of maturity and readiness for development; from providing funding for research or business cases, to delivering capital works funding. It will support a strong ongoing pipeline of regional projects and encourage private sector innovation and investment to create the compelling experiences needed in regional Victoria to remain competitive.
VTIC is seeking for the Fund to be expanded to include the Mornington Peninsula and Yarra Ranges, ensuring that all regions beyond Melbourne are supported to deliver job-creating tourism projects.