Australia's University of Tasmania (UTAS) has announced plans to establish a AU$75.2m (US$79.5m, EUR64.1m, £51m) performing arts and creative industries academy.

The scheme will act as a catalyst for the cultural regeneration of regional precincts and rural communities across Tasmania, delivering substantial economic benefits over seven years.

A decision is currently pending on a funding bid worth AU$37m (US$39.1m, EUR31.5m, £25.1m) from the federal government, while the state government has contributed support.

The scheme will include a new home for the UTAS' Conservatorium of Music, which is to be linked to additional facilities for Hobart's Theatre Royal.

UTAS vice-chancellor Professor Peter Rathjen said: "This will help formalise a cultural precinct that will energise Hobart's CBD, enhance the lifestyle of an emerging cultural capital, and build synergies with the north and north west of the state."

Click here for more information about UTAS' plans for a new performing arts and creative industries academy.