Macquarie Point project agreement reached by state, federal governments

A supported by the federal budget released earlier this week, $240 million will be allocated to building the Hobart waterfront precinct over three years commencing 2025-26.

For the state government, the agreement meets another condition for the Tasmania Devils' impending inclusion into the AFL.

While for the federal government, the project serves as an important opportunity to improve housing for Tasmanians, as well as transport and port upgrades.

Included in the agreement is the $130 million UTAS Stadium upgrade, to be split evenly between the two governments.

Tasmania's Acting Minister for Sport and Events, Nick Duigan, said the project will help drive economic activity across the entire state.

"This agreement includes the terms for unlocking the Australian Government's $240 million funding commitment for the development of the site, leading to millions of dollars of other investments and thousands of jobs," Mr Duigan said.

"This is another important milestone as we continue towards delivering what is a once in a generation opportunity for Tasmanians.

"The excitement is building around Mac Point and it is easy to see why. This precinct is set to deliver significant economic, cultural, and social benefits for all Tasmanians."

Prime Minister Anthony Albanese said the precinct will provide a focal point for Hobart in the future.

"This exciting precinct plan will provide real affordable housing for Tasmanians, real jobs and new transport solutions," Mr Albanese said.

"This sets up Macquarie Point as the future jewel in the crown for Hobart. A place where people can live, work and come together."