Investment Fast-Track Fund
The Investment Fast Track Fund supports the planning and preparation of regional and rural development project proposals to strengthen the project’s investment evidence base and accelerate investment readiness.
Overview
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.
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 our regional economy, and improve economic and social outcomes to make regional Victoria an even better place to live, work and invest.
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 our growing regions with the infrastructure communities need to thrive and attract a skilled workforce.
Applications for 2022-23 funding closed 11.59pm 17 August 2022.
Objectives of Program
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.
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.
Funding Details
The Investment Fast-Track Fund was delivered as a contestable fund, with projects assessed and scored against merit criteria to identify the most suitable projects.
Funding was 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.
What was 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.
Applications for 2022-23 funding closed 11.59pm 17 August 2022.
Projects funded by this program
Learn more about our newly announced Regional Infrastructure Fund and Investment Fast-Track Fund projects.
Download a more detailed list of funded projects announced in 2022-23 to date:
Funded Projects - Investment Fast-Track Fund 2022-23 (XLSX 18.2 KB)
| Project Name | Region | Year | Amount Funded |
|---|---|---|---|
| Murrindindi Council: Skyline Road Tourism Precinct Catalyst Project | Mallee | 2022 | $500,000 |
| Mount Hotham Alpine Resort Management Board: Mt Hotham Business, Visitor and Community Centre Design | Ovens Murray | 2022 | $480,000 |
| Mansfield Council: Lakins Road Industrial Precinct Master Plan | Ovens Murray | 2022 | $200,000 |
| Towong Council: Lake Hume Master Plan | Ovens Murray | 2022 | $120,000 |
| Ballarat and Traralgon UniTown Delivery Project | Central Highlands | 2022 | $500,000 |
| Ararat Council: The Aradale Solution - Economic and Social Development Strategy | Central Highlands | 2022 | $500,000 |
| Buda Historic Home and Garden: Business Case and Design Project | Loddon Campaspe | 2022 | CiC |
| Colac Otway Council: Colac - Deans Creek Growth Corridor Outline Development Plan | Barwon | 2022 | $425,000 |
| Bendigo Council: Bendigo Art Gallery Planning Project | Mallee | 2022 | $280,000 |
| Health Futures Australia Ltd: Sustainable Healthy Integrated Food Towns Hepburn Business and Investment Plan 2022-2025 | Central Highlands | 2022 | CiC |
| Indigo Council: Chiltern Destination Playground | Ovens Murray | 2022 | $100,000 |
| Murray River Paddlesteamers: Australian Star Project Planning | Ovens Murray | 2022 | CiC |
| Warrnambool Council: Business Case for the Redevelopment of Warrnambool Art Gallery | Great South Coast | 2022 | $112,500 |
| The Peaks Eco Retreat Pty Ltd: Grampians Off Grid Eco Retreat | Central Highlands | 2022 | CiC |
| Indigo Council: Indigo Caravan Park Master planning | Ovens Murray | 2022 | $50,000 |
| Mallee District Aboriginal Services - MDAS: Kerang Aboriginal H&WC - Planning Project | Mallee | 2022 | CiC |
| Gannawarra Council: Koondrook to Kerang Rail Trail | Mallee | 2022 | $500,000 |
| Wodonga Institute of TAFE: Logical Innovations - Wodonga TAFE | Ovens Murray | 2022 | $450,000 |
| Mildura Council: Mildura CBD Revitalisation | Mallee | 2022 | $200,000 |
| Moorabool Council: Parwan Employment Precinct Power and Water | Central Highlands | 2022 | $200,000 |
| Indigo Council: Rutherglen Silo Precinct Project | Ovens Murray | 2022 | $100,000 |
| The Sovereign Hill Museums Association: Sovereign Hill Master Plan - Museum of Makers and Orientation Precinct | Central Highlands | 2022 | CiC |
| Wellington Council: Wellington Renewable Energy Impact and Readiness Study | Gippsland | 2022 | $150,000 |
| Macedon Council: Woodend Community Centre Redevelopment – Concept, Schematic & Detailed Design | Loddon Campaspe | 2022 | $260,000 |
| Geelong Council: Bellarine Arts Centre Business Case | Barwon | 2022 | $50,000 |
| Geelong Council: Geelong Shared Trails Tourism Study | Barwon | 2022 | $384,000 |
| Corangamite Council organics waste management assessment | Barwon | 2022 | $40,000 |
| Corangamite Council: Theatre Complex detailed designs | Barwon | 2022 | $75,000 |
| Fonterra Australia Pty Ltd: Milk Spray Dryer efficiency and reliability improvements | Barwon | 2022 | $50,000 |
| Surf Coast Council: Anglesea Community and Health Precinct | Barwon | 2022 | $200,000 |
| Winda Mara Aboriginal Corporation: Portland Café & Indigenous Art Retail Centre | Barwon | 2022 | $40,000 |
| East Gippsland Council: Gippsland Lakes Yacht Club redevelopment | Gippsland | 2022 | $106,837 |
| East Gippsland Council: Bairnsdale Arts Precinct | Gippsland | 2022 | $90,000 |
| Kongwak Butter Factory: Infrastructure and Business Development Activities to become Investment Ready | Gippsland | 2022 | $500,000 |
| Bass Coast Council: Gippsland Odyssey extension - Woolamai to Nyora | Gippsland | 2022 | $375,000 |
| Horsham Council: Horsham Regional City Flight Hub | Central Highlands | 2022 | $238,680 |
| Northern Grampians Council: Heath Street Bridge project | Central Highlands | 2022 | $500,000 |
| Pyrenees Council: Southern Wimmera and North East Pyrenees Water Supply Feasibility Study | Central Highlands | 2022 | $300,000 |
| Yarriambiack Council: Hopetoun School Site Redevelopment | Central Highlands | 2022 | $101,250 |
| Ballarat Council: Ballarat West Employment Zone Circular Economy Precinct | Central Highlands | 2022 | $37,500 |
| Towong Council: Bellbridge Boathouse | Goulburn | 2022 | $324,493 |
| Mitchell Council: The Kelly House Precinct - Activation Masterplan | Goulburn | 2022 | $255,000 |
| FHAH Pty Ltd: Flavorite Tatura Site Future Development | Goulburn | 2022 | $150,000 |
| Rural City of Wangaratta: Organics Processing Expansion - Detailed Design | Goulburn | 2022 | $160,000 |
| Kalafatis Fresh Produce Pty Ltd: Organic Fruit Processing Plant Shepparton | Goulburn | 2022 | $50,000 |
| Shire of Strathbogie: Balmattum Hill Mountain Bike Trail Planning Project | Goulburn | 2022 | $241,600 |
| Murray River Regional Tourism: Development of Design and Costing Analysis for Stage 2 & 3 of the Murray River Adventure Trail | Mallee | 2022 | $500,000 |
| Birchip Cropping Group Inc: Nexus Accommodation Project | Mallee | 2022 | $215,850 |
| University of Melbourne: Latrobe Valley Smart Geothermal Industrial Loop | Gippsland | 2022 | $380,000 |
| Victorian Goldfields Tourism Exectuive: Central Victorian Goldfields World Heritage Masterplan | Central Highlands | 2022 | $500,000 |
| Bendigo Council: Planning Studies for Bendigo Regional Employment Precinct | Mallee | 2022 | $334,200 |
| Pacific Heat and Power: Goulburn Murray Woka Yurringa Energy | Goulburn | 2022 | $411,759 |