New funding has been announced to go towards the planning phase of Murray River Paddlesteamer's 'Australian Star Project', with hopes of adding a new attraction to the already extensive fleet on the water.

The PS Australian Star would transform the Echuca Wharf and the broader region by providing an iconic, game-changing, 5-star river cruising experience.

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"We are delighted with the outcome of this grant application which now allows us to quickly move forward for detailed planning of what we believe will be a hero tourism product for the region," Murray River Paddlesteamers director Craig Burgess said.

"This funding will allow us to create the concept drawings for this new boat, but we're still waiting to see if we can complete the build.

"So we'll wait and see what happens in May when we find out if we've been successful in another round of funding. There's still a long way to go, but we're hoping we can get this project underway."

It is anticipated the new paddlesteamer will assist the hard-hit Murray River border communities recover from COVID-19 pandemic by stimulating the visitor economy.

"This project will mean even more to locals in the future with a new iconic attraction set to hit the mighty Murray River and will continue to deliver the much-needed economic and jobs boost the community needs," Northern Victoria MP Mark Gepp said.

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The state government's Investment Fast Track Fund is taking projects from the ideas phase to be investment and development-ready, with grants of up to $500,000 available to local councils, community organisations and the private sector for planning, design and business case development.

The fund is part of the government's flagship $156 million Regional Jobs and Infrastructure Fund which helps businesses create more jobs in regional Victoria and supports councils to build the infrastructure locals and visitors need.

The Regional Jobs and Infrastructure Fund is part of the government's $30 billion investment in rural and regional Victoria since 2015.

Information and guidelines for the Regional Jobs and Infrastructure Fund can be found at rdv.vic.gov.au/rjif

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