Sovereign Hill is set to benefit from either a Morrison or Shorten Government after next month's federal election.
The Minister for Trade, Tourism and Investment, Simon Birmingham announced on Saturday that a Liberal-National Government will invest $10 million towards enhancing Sovereign Hill's visitor experience ahead of its 50th anniversary next year.
Birmingham added that Sovereign Hill is a major drawcard to regional Victoria, and that the funding is a part of the Liberal-National Government's $50 million National Tourism Icons package, as announced in the budget earlier this month.
Similarly, local federal MP Catherine King announced under a Shorten Labor Government, Sovereign Hill will receive $10 million to redevelop facilities for tourists.
Both funding promises by the major parties have been welcomed by the City of Ballarat, with Mayor Samantha McIntosh saying that the project is a 'once in a generation' upgrade to Sovereign Hill, which attracts around 800,000 visitors annually.