The State Government of Victoria has launched the Investment Fast Track Fund to support the planning and preparation of regional and rural development project proposals to strengthen the project’s investment evidence base and accelerate investment readiness.
The Investment Fast-Track Fund (IFF) focusses on funding activities that mobilise strategic investment projects through fast-track of business case development and planning for medium to longer term projects in regions, and increase the pipeline of investment ready projects, with a focus on leveraging private investment, boosting employment and improving the liveability of rural and regional Victoria.
RJIF supports regional communities in their immediate response and recovery efforts, seeks to address complex local challenges and enable opportunities for future growth. The impact of COVID-19 has seen increased numbers of people living and working in rural and regional Victoria. The Victorian Government recognises the ongoing opportunities to support their growing regions with the infrastructure communities need to thrive and attract a skilled workforce.
IFF is part 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 their regional economy, and improve economic and social outcomes to make regional Victoria an even better place to live, work and invest.
Objective
The objective of the Investment Fast-Track Fund program is to accelerate and expand investment in projects of importance for rural and regional communities. This will boost employment, improve liveability, and drive economic growth and prosperity.
Funding Information
Funding available is capped at $500,000 excluding GST per project, with the funding capped at a ratio of $4 to $1 of program funding against the cash contribution from the applicant.
Outcomes
The anticipated outcomes are:
improvement in business case, risk assessment and project planning
improved investment pipeline of growth projects
increased private sector investment in priority areas.
an evidence-base to identify strategic opportunities in each region
reduced funding risks for future strategic implementation projects.
Activities funded through the Investment Fast-Track Fund enable growth projects that support the implementation of the Regional Economic Development Strategies (REDS) and the longer-term transformational outcomes of:
an enhanced visitor economy (e.g., cultural, food, natural assets)
improved infrastructure for growth sectors (e.g., health, energy, education)
increased liveability to support population growth and/or retention
more resilience to pandemics, economic transition, and natural disasters.
Funded activity should align with the relevant Regional Economic Development Strategy.
What will be funded?
The IFF funds planning and development activity that fast tracks projects of strategic importance for rural and regional areas. To be funded, the project proposal — supported by the pre-implementation activity — must align with the objectives and outcomes of the IFF under RJIF.
IFF funded activity: The pre-implementation activity required to support the development of the proposed project and/or to attract project investment.
Project proposal: The regional development project that the funded activity will support and assist in fast tracking its development.
Funded activities should support project proposals that are 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 plans and strategies
that respond to and address 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, or for the State or local industry
with initial project planning and that show some indication of demand for the project, and that the proposal is sustainable over the longer-term (including supporting evidence and data)
that show evidence of appropriate consultation and initial stakeholder support, whether that be community, local government, or industry
that have a clear timeline for project development.
Eligibility Criteria
Applicants must have an Australian Business Number (ABN).
Applications will be considered from the following legal entities:
Local Government Authorities
Alpine Resorts Management Boards
private sector businesses
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
utility and services providers and water corporations
TAFE institutions and universities
public/private partnerships, through an incorporated entity
other organisations agreed by Regional Development Victoria at its discretion.
