Memorandum of Understanding

On 17 January 2018, the former Prime Minister, the Hon Malcolm Turnbull MP, and the Acting Premier of Victoria signed a Memorandum of Understanding, committing to work together on City Deals.

Geelong City Deal

The Geelong City Deal is a 10 year plan to revitalise Geelong and unlock the potential of the Great Ocean Road visitor economy. The Australian and Victorian Governments, together with the City of Greater Geelong, will deliver $382.48 million in investment to the region, supporting Geelong’s continued economic diversification, growth of the visitor economy and a thriving city centre.

Implementation Plan

All three levels of government jointly released an Implementation Plan on 8 October 2019, which sets out key milestones for projects, timeframes and responsibilities.

Next steps

Over the next 12 months the Australian Government, Victorian Government and City of Greater Geelong will continue to work collaboratively to deliver the Geelong City Deal.

Key initiatives

The Geelong City Deal will deliver:

• Tourism infrastructure projects along the Great Ocean Road, including for the Shipwreck Coast and other key locations along the Great Ocean Road, to strengthen the region as a leading tourist destination and ensure benefits flow to local communities.
• Construction of the Geelong Convention and Exhibition Centre, to help drive the visitor economy in Geelong and generate new investment and development in the city centre.
• Public realm improvements under the Revitalising Central Geelong Action Plan, to help establish a vibrant city centre and reinforce Geelong’s position as the gateway to the region.
• A new ferry terminal at Queenscliff to improve services across Port Phillip Bay to Sorrento.
• Road upgrades at Deakin University’s Geelong Future Economy Precinct to unlock new jobs and businesses and improve access at the site.
• Completion of the Geelong Waterfront Safe Harbour project to support tourism, community activities and major events.

Private Sector Business Enablement Fund

The Private Sector Business Enablement Fund (PSBEF) is a $23.4 million initiative under the Geelong City Deal – Shipwreck Coast Priority Projects.

The Australian and the Victorian governments are working in partnership to jointly deliver this program.

The PSBEF is a competitive grants program commencing with an Expression of Interest round, opening in late April 2021, and will close on 18 June 2021 at 5pm AEST.

Further information on the PSBEF and competitive grants process can be found on the Regional Development Victoria website.

Timeline

• Geelong City Deal signed
  11 March 2019
• Implementation Plan released
  8 October 2019
• Annual Progress Report
  7 November 2020
• End of 10 years of Geelong City Deal
  2029