The New South Wales State government has pledged $10 million in funding for the construction of a second circuit at Bathurst.

Bathurst Regional Council (BRC) has long been pushing to build a 4.58km FIA/FIM accredited permanent motor racing circuit, known as Velocity Park, adjacent to the famous 6.2km original Mount Panorama circuit.

The funding announcement was made today by Deputy Premier and Minister for Regional NSW, John Barilaro, NSW Treasurer, Dominic Perrottet, and Member for Bathurst, Paul Toole MP.

The $10 million arrives in addition to the $5 million already pledged by the NSW Office of Sport.

BRC told Speedcafe.com last month it had applied for $20 million funding grants to both the Federal and State government in a bid to raise the estimated $50 million required to construct the facility located on land west of McPhillamy Park and Reid Park.

“This $10 million in the 2017-18 Budget is additional to $5 million already allocated by the NSW Office of Sport, bringing the NSW Government’s investment in the project to $15 million and boosting our commitment to this important economic driver for the community,” Mr Barilaro said.

“Mount Panorama is already one of the world’s most exciting venues for motor racing and the Velocity Park project will grow its enviable status as a tourism and sporting hub in Australia.”

The funding boost arrives amid a design tender process which was launched in April, attracting interest from both national and overseas companies.

Five organisations have lodged bids with a successful candidate expected to be announced in July.