A potential funding pathway for the Bendigo Art Gallery development has been axed.
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The Building Better Regions Fund was cut by the federal government following a review by the Australian National Audit Officer, with the federal government set to launch two new funding programs - the Growing Regions Program and the regional Precincts and Partnerships Program - worth a collective $1 billion in its place.
The City of Greater Bendigo had submitted an application for the gallery development worth $10 million to round six of the BBRF but the decision means council will have to look elsewhere for federal funding.
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"We knew from our local MP Lisa Chesters that a review would happen," council chief Craig Niemann said. "I'm not surprised they set up new funds. It's important they do and they manage that fund with a high level of integrity and transparency."
Mr Niemann said the council would need to see the details of the new funds before deciding what projects would be applicable to them.
More details on the Growing Regions and the Precincts and Partnerships programs will be revealed through the federal government's budget on Tuesday night. It is believed applications for the new funds would open in early 2023.
"There are a lot of avenues to try. We're pursuing other departments to see what funding programs there are," Mr Niemann said.
If the gallery project is funded, council is to break ground by mid-2023 to complete it by the 2026 Commonwealth Games.
"Time is ticking, we are fully aware of that," Mr Niemann said. "(Our deadline) is probably early in the new year. We will to see what happens at a state level (but) we would like to know (federal) commitments by the May budget.
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"If we couldn't hit that timeframe, it's highly likely we will have to review the timing and the project."
Senator for Victoria Sarah Henderson said she was shocked the BBRF had been axed.
"The axing of the BBRF is another kick in the guts for regional Victorians," she said.
"Labor has slammed the door shut on many important projects seeking funding under round 6 of the BBRF including...the Bendigo Art Gallery redevelopment."
The Growing Regions Program will be an annual open, competitive grants process aimed at regional local councils and not-for-profit organisations.
The regional Precincts and Partnerships Program will provide a strategic, nationally consistent mechanism for funding and coordinating larger-scale projects that transform a place and benefit communities in regional cities and wider rural and regional Australia.
The federal government will also close down the Community Development Grants with no new projects will be funded from it.
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