Minister for Regional Australia Simon Crean visited the iconic track yesterday afternoon to announce $3 million in funding.

Bathurst Regional Council will match the Federal Government’s contribution to complete its $6.07 million Mount Panorama Infrastructure Project.

The project will include resurfacing the 6.2-kilometre circuit; constructing a 2.5-metre safety fence along Pit Straight and other areas of the track; and installing a lift at the overhead pedestrian bridge at Harris Park.

Yesterday’s announcement was on the back of NSW Premier Barry O’Farrell’s delivery of a daily return rail service between Bathurst and Sydney – worth an initial $7 million – on Monday.

Bathurst mayor Greg Westman said both announcements were significant for the growth of the city.

“To have the Federal Government come here today to announce such an enormous funding boost for such an important piece of infrastructure in our region is outstanding and caps off a great week,” he said.

“The funding from the Federal Government is basically dollar-for-dollar with Bathurst Regional Council. It’s great that the Federal Government has come on board to help the ratepayers of Bathurst so we don’t have to fund the full $6 million ourselves.

“Mount Panorama is a major asset for the city and generates so much economic development for our region: $53 million per annum for the city itself and $69 million for the region. The exposure – not only for Bathurst, but for NSW and for Australia – is quite significant.

“We need to keep developing the facility for those who use it. It’s very important that we continue to put in the infrastructure for safety – both for drivers and spectators.”

Cr Westman said work on the project was expected to commence after the 50th anniversary of the Great Race this October. He said the new lift would give everybody – including people with disabilities – full access to the pit complex.

Funds will also go towards drainage work, lighting and sand-trap upgrades.

The Mount Panorama Infrastructure Project was one of 15 projects in NSW supported in round two of the Regional Development Australia Fund.

Mr Crean said the Federal Government was investing $66.6 million in NSW in the second round of the five-year regional funding program.

“With the Regional Development Australia Fund, people should never look at it from the point of view of funding the totality of anything – but they should look at it from the point of view of leveraging funding that, but for it, projects wouldn’t happen,” Mr Crean said.

“Mount Panorama is just one part of Bathurst’s economic diversification – you’ve also got agriculture here, education and manufacturing. You look around the country and the regions that have diversified their economic base have got the lower unemployment rates.”