The Albanese Government is committed to a long term vision for Tasmania, whether it is a stadium in the North or South of the state it is essential governments continue to invest in urban renewal and Tasmanian jobs to promote economic activity.

Investing in the UTAS stadium upgrade is about building the precincts capacity as a mixed use stadium for international, national and local community events. To ensure Launceston remains an enviable destination for the visitor economy.

The funding will increase the stadiums capacity to more than 24,000 and improve change rooms and facilities at the ground including for women's sport. It will include retractable seating to accommodate a rectangle pitch for soccer and rugby tournaments.

A new community grass roots indoor sporting and entertainment facility will also be created with the funding accommodating an international standard show court. This will allow for national level basketball, netball and other events. Up to 5,000 people will also be able to attend sporting events, concerts; enjoying what the precinct and Launceston has to offer.

The indoor events space will first and foremost be a community space with three community use courts, addressing the current shortfall for indoor training and playing spaces in Northern Tasmania. It may also become the new northern home of the Tasmanian JackJumpers as locals and Hobartians flock to Launceston to see the JackJumpers triumph over mainland teams. Once complete, I envisage the space will be used for local netball, basketball, AFL, soccer and cricket, as an integrated multi-purpose recreation space.

This investment will ensure Launceston remains an enviable destination for national and international acts with the stadium precinct perfectly placed on the doorstep of the CBD.

The investment is about serving the interests of the community and local economy because we know when people visit Launceston they often stay for the weekend and eat at our restaurants and stay in local hotels. There is an infectious buzz in the city when there is a national event that brings mainlanders to our island.

UTAS stadiums functionality for social, cultural and educational initiatives will only grow as the University of Tasmania's footprint expands within Inveresk.

The Albanese Government has a long term vision for Northern Tasmania as our state grows to become an even more enviable place to live, work and visit.

While the Federal Government continues to invest in the future next week's Federal Budget will tackle the cost of living with responsible cost of living relief. I can assure you, Tasmania will remain at the top of the Albanese Government's agenda as we outline a plan to continue to invest in access to healthcare, tackle housing affordability and shortages by investing in social and affordable housing and supporting responsible investment in Tasmania's long term future.