Prime Minister Malcolm Turnbull will visit Launceston on Tuesday to complete the funding transfer critical for the construction of the new campus at Inveresk.

“With the commonwealth funding agreement for the project now settled with the University of Tasmania, construction can commence on this significant boost to education and research in Tasmania’s North,” Mr Turnbull said.

The funding transfer had been delayed due to the need for a completed business case from UTAS for the overall package of $150 million, which includes $20 million for the Burnie campus.

UTAS had expected to complete the business case in March 2017 but the federal government was still waiting in October.

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The $130 million in federal funding forms the bulk of the $260 million relocation package, with UTAS providing $64.6 million, the state government $60 million, and the City of Launceston $5.4 million.

Education Minister Simon Birmingham and Infrastructure and Cities Minister Paul Fletcher will join the Prime Minister in Launceston.

“The project addresses critical economic and community challenges currently facing Launceston by providing better access to quality higher education,” Mr Turnbull said.

“This is fundamental in supporting productivity, long-term economic growth and social wellbeing in the community.”