Prime Minister Malcom Turnbull visited Launceston today and co-hosted a meeting of the Joint Commonwealth and Tasmanian Economic Council.
He signed the historic Launceston City Deal along with Premier Will Hodgman and Launceston Mayor Albert van Zetten.
Jobs, better wages and driving a strong economic future for Northern Tasmania is the aim of the City Deal.
At the centrepiece of it, is the $260 million relocation of the UTAS northern campus.
Treasurer Peter Gutwein said City Deal is the single largest Infrastructure investment in Launceston's history- with construction set to start next year.
" The move is projected to create more 2,700 jobs,"Gutwein said.
Other initiatives announced included; The City Heart Project, The Tamar Estuary Management Taskforce, a Northern suburbs revitalisation plan, and a new army cadet facility to be built in Launceston’s northern suburbs.
Mr Hodgman said the five-year plan builds on Launceston’s strengths of its "heritage heart, family-friendly community, unique natural environment, high quality university and research sector”.
But the deal hasn’t been welcomed by all; Meander City Councillor Andrew Connor said that Launceston’s suburbs have been forgotten.
“Greater Launceston have been ignored in this City Deal and will receive few if any benefits," he said. “I’ve put in calls to the relevant State and Federal ministers seeking more input on the City Deal process but they were not returned.”
The Launceston City Deal is the second to be signed in Australia.