THE Labor government believes its new Regional Jobs and Infrastructure Fund will help pave the way for the Aspire Precinct project at Sacred Heart Cathedral.
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But the state opposition says the fund is a "brazen" way of redirecting funds back to projects in Melbourne.
Legislation for the $500 million fund was introduced to parliament on Tuesday, and could result in the funding of $200 million worth of projects in regional Victoria.
The Labor Party promised a $5 million contribution to the $15 million Aspire Precinct at Sacred Heart Cathedral in the lead-up to last year's election.
Minister for Regional Development Jaala Pulford said they had reverted to previous funding models used under Labor governments in the past.
"This legislation will ensure we have the right model in place to create jobs, drive growth and strengthen regional Victoria," she said.
Other projects highlighted as likely to receive money from the fund are the Eureka Stadium project in Ballarat, the Geelong Performing Arts Centre and the Grampians Peak Trail.
Nationals member for Northern Victoria Damian Drum said he was "extremely disappointed" with the amount of funding announced.
He said the government had to spend $500 million over four years in regional Victoria "regardless of who was in power".
"They are doing the bare minimum," Mr Drum said.
He said the Labor Party's model would see a number of projects funded using the regional infrastructure fund, that should instead be funded using funding from a fund from the relevant department.
"The Eureka Stadium is purely a sports project and should be funded using a sports fund," Mr Drum said.
Included as an example of which projects could be funded, the Aspire Foundation hopes the precinct at Sacred Heart Cathedral would advance "sooner rather than later".
Aspire Cultural and Charitable Foundation executive director Marg O'Rourke said they planned to receive the architect's final plans in the coming months before making a submission to the City of Greater Bendigo.