Following the passage of legislation, the Bill will allow the race circuit to relocate from Homebush to Newcastle, including the start of roadworks.
The three-day event on 24 – 26 November 2017 will see Supercar action across Newcastle city, foreshore, and beaches.
Minister for Tourism and Major Events Adam Marshall said the passage of the legislation was a huge win for Newcastle and the Hunter region.
“This Bill demonstrates the NSW Government’s commitment to attracting major events to regional NSW, which will ultimately generate jobs, stimulate the economy and boost tourism in the regions,” Mr Marshall said.
“This represents a massive vote of confidence in Newcastle and the Hunter region and paves the way for the benefits to begin to flow to the region’s economy.”
The Newcastle 500 is expected to directly inject more than $57 million into the Hunter region over the next five years, and attract more than 81,000 domestic and international visitors.
“Detailed planning works for the inaugural event can now get underway,” Mr Marshall said.
“I will continue working with Supercars Australia, Newcastle City Council, and other key stakeholders to ensure this truly game-changing event will bring the expected benefits to Newcastle and the broader Hunter region.”