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Prime Minister Anthony Albanese has officially announced that the Federal Government will contribute $240 million towards a new sport stadium in Hobart along with $65 million to upgrade Launceston's UTAS Stadium.

Visiting Tasmania today, Prime Minister Albanese confirmed the widely expected $240 million contribution to the new venue on the Hobart waterfront at Macquarie Point - the largest ever Federal Government investment in a sporting stadium.

Currently budgeted at $715 million, the Tasmanian Government has committed $375 million to the project, with $15 million to come from the AFL and $85 million in "borrowings against land sale or lease for commercial uses". 

Speaking during his visit, Prime Minister Albanese said the funding would contribute to an "urban development project that will create enormous economic activity for Hobart" and the rest of the state, with 4,200 jobs projected for the construction phase.

He noted "this is about bringing life and economic activity to this site”, going on to say that funding for the venue was not a matter of diverting funds away from other areas like housing and health.

Prime Minister Albanese also stated “one of the things that a sporting precinct does is it brings economic activity, that generates revenue, that generates taxpayer dollars, that then goes back into - can be put into - other services.

"It's not a matter of either-or. It's a matter of, does this stack up economically? Does it stack up socially? Does it stack up environmentally? My answer to that is yes, that's why the Federal Government is backing this proposal."

Prime Minister Albanese, along with Tasmanian Premier Jeremy Rockliff, were heckled during the announcement by a group of people calling for more funding housing in the state.

Federal and Tasmanian Government funding for the project is opposed by opposition groups including Tasmanian Labor.

With the AFL having made the delivery of a new stadium in Hobart contingent on it granting a licence for a Tasmanian team, the League is expected to confirm the addition of a 19^th team to the competition.

The team will likely play seven games a season at the venue.

Funding for UTAS Stadium
The Hobart stadium announcement followed Prime Minister Albanese announcing on Friday that the Federal Government will also provide $65 million towards redevelopments at Launceston's UTAS Stadium (York Park) that will include a new entertainment precinct, dining, player facilities and an improved eastern stand.

Expected to host up to six games per season if Tasmania receives an AFL licence - four home games for the Tasmanian team, and possibly two for Hawthorn - the funding will back the latest stage of upgrades at the Launceston venue.

Image: Tasmanian Premier Jeremy Rockliff (left) views plans for the new Hobart Stadium with Prime Minister Anthony Albanese (top) and an early concept for the new Hobart Stadium (middle) and the planned new grandstand at UTAS Stadium (below).

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