REGIONAL and statewide economic growth funds will not be guided by politics, but will instead rely on expert industry advice, Victorian Treasurer Tim Pallas said.
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The state government discussed further details of its $500 million Regional Jobs and Infrastructure Fund on Tuesday, which includes a number of different funding streams over the next four years.
Bendigo's Aspire Foundation has already cashed in on one funding program, and will receive $5 million to construct the first stage of the Aspire Precinct at Sacred Heart Cathedral.
Minister for Regional Development Jaala Pulford said a regional review is still under way to guide the allocation of the funds.
"That work is expected to be completed by early to late June," she said.
"We've had the input of over 100 organisations and individuals, there have been many face to face interviews with stakeholders.
"The regional review will also form the program design for the Regional Jobs and Infrastructure Fund - the legislation will be debated in the Lower House this week and in the Upper House in the next sitting week."
Under the fund, $250 million will be allocated to a Regional Development Infrastructure Fund, $200 million to a Regional Jobs Fund and $50 million to "build stronger communities".
An independent jobs and investment panel will provide direct advice to the government.
Ms Pulford said there would be adequate funding for regional cities and rural communities.
"That's to ensure we get the balance right," she said.
"The regional cities component of that will have a particular focus on revitalisation works of each of our 10 regional cities."
When asked whether the funds will deteriorate into a slush fund in regional communities to buy votes at the next election, Treasurer Tim Pallas said their intention was to take the politics out of decisions.
"The aim will be to establish expert bodies, where we will be advised by experts in business and economics that will be guided by those growth industries," he said.
"Rather than simply putting the money in for the squeaky wheel, we will be putting the money in where the opportunities exist."