CANBERRA, March 19 (Xinhua) -- Federal, state and local governments have funded a landmark City Deal to create "more jobs and more opportunities" for the capital of South Australia.
Australian Prime Minister Scott Morrison joined SA Premier Steven Marshall and Lord Mayor of Adelaide Sandy Verschoor to sign the 551-million-Australian-dollar (390 million U.S. dollars) deal on Tuesday.
The agreement united the three levels of government on a vision to grow Adelaide's population, economy and global reputation for at least the next decade.
"(It's) a very practical deal because it goes right down in the detail of the things that we know can slow South Australians down, and Premier Marshall is speeding things up for South Australians," Morrison told reporters on Tuesday.
"Our combined investment and cooperation across the federal and state governments and local councils highlights that we all believe in Adelaide and SA and how we can make it an even better place to live."
Ahead of the signing, the prime minister said the deal would create "more jobs and more opportunities" for South Australians.
According to a statement of the government, the deal paves the way for the transformation of Lot Fourteen in the northeastern corner of Adelaide's CBD into an innovation precinct.
Lot Fourteen will host the headquarters of the Australian Space Agency, its mission control facility and the Australian Space Discovery Centre, as well as major cultural attractions, high tech businesses and world-class education facilities.
"It's a tremendous deal," Alan Tudge, minister for cities, urban infrastructure and population, said.
"It will directly focus on growing Adelaide's innovation economy, supporting population growth in the city and across the state, and boosting Adelaide's burgeoning cultural and tourism economy."
