The Minister for Regional Australia, Simon Crean, recently announced details of a $1.4 billion Regional Development Australia Fund that will boost economic development in the regions.
Federal member for Richmond, Justine Elliot, welcomed the announcement that the application guidelines for the Fund will be made available shortly. The first funding allocation will commence on July 1.
“The $1.4 billion Regional Development Australia Fund is a concrete demonstration of the Gillard Government’s commitment to furthering economic development in the regions,” Justine said.
“This is a new way of investing in regional Australia with a focus on local solutions, complete transparency and maximising long-term economic benefit and potential.
“We want applications for projects that stack up, projects that will boost economic development, create local jobs and lift the quality of life in local communities and regions.
“The allocation of funding will be competitive, merit-based and only applications that have the backing of local Regional Development Australia (RDA) committees will be considered.
Resources from the Fund will be allocated over five years.
Key criteria for the application funding guidelines include:
· Delivery of concrete economic and social benefits
· Commitment to innovation and building capacity in local communities
· Linking regional communities across traditional boundaries
· Ability to leverage additional funding across government and the private sector.
The $1.4 billion allocated to the Fund includes $350 million that has been set aside for disaster relief in regional communities. This disaster funding allocation will be assessed on the same criteria as the rest of the Fund.
Justine also announced that each of the 55 RDA committees will receive grants of $25,000 to strengthen their capability to represent their local areas.
“This is good for regional Australia and the funding is proof of the Gillard Government’s commitment to empowering local communities and regions,” Justine said.
The guidelines can be found at http://www.regional.gov.au/regional/programs/rdaf.aspx
