Federal funding sees major development on track at Mt Panorama

Mount Panorama will soon start to look a lot more like the world class
motor racing venue it has established itself to be with news of a $10
million Federal funding boost announced in last night's Federal Budget.

The Federal money will add to a $10 million grant already received from
the State Government and $4 million from circuit owners Bathurst City
Council that will see the construction of a multi-purpose tourism and
recreational facility at the site.

Work is well underway on stage 1 of the project that will see completion
of a new high-tech pit bay and race control complex that will be
developed as a conference and tourism attraction.

Bathurst Mayor Cr Kath Knowles said the funding is great news for
Australia's 2.4 million motor racing fans and a major boost for regional
Australia and an asset that brings in around $100 million annually to
the Australian economy.

"Council greatly appreciates the support of the Federal Government in
recognising the value of this national icon to regional NSW and the
national economy.

"We can now get on with the job of creating a truly world-class tourism
and recreational facility and ensure that Australia will not lose the
major motor sport events that have made Mt Panorama, Bathurst a national
sporting institution, to a more modern facility overseas.

"The Federal Government support will ensure the long term future of this
iconic site is assured and enable Mount Panorama to reach its potential
as a first class tourism destination that Council estimates will boost
the amount of international visitor nights to the region from a current
75,000 to more than 100,000."

The $24 million upgrade will see:

• Completion of new pit complex with 36 larger modern pit bays,
  high-tech media centre, state-of-the-art new control tower, corporate
  hospitality areas to be used as a year-round conference facility.
• Provision of year-round tourism attractions including early stage
  work on drawcard tourist attraction at the top of the Mountain.
• Upgrading of spectator amenities and recreational/tourism
  facilities
  right around the circuit including new campsite areas.
• Promotion of broad ranging tourism and recreational plan.
• Major upgrade to spectator viewing areas and amenities around the
  circuit.

Australian Vee Eight Supercar Company (AVESCO) Chairman Tony Cochrane
will make a further major announcement about a significant motor sport
venture at Mt Panorama in a press conference at the National Motor
Racing Museum, Mt Panorama Bathurst at 12pm tomorrow Thursday 13 May.