Budj Bim is one step away from a place on UNESCO's World Heritage List and the government will commit $5 million to it in Monday's state budget.
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The International Council on Monuments and Sites, which works for the conservation and protection of cultural heritage places around the world, has officially recommended World Heritage status for the treasured Aboriginal heritage site.
The final step in the process will see the nomination formally considered by the World Heritage Committee when it meets in July 2019.
The state government provide $5 million to implement the tourism infrastructure proposal outlined in the Budj Bim Master Plan.
This will see an investment in sustainable development of Budj Bim as a world-class tourism destination, as well as support self-determination for the Gunditjmara People in sharing the Cultural Landscape with the world.
If it is placed on the world heritage list, it would be the only Australian World Heritage property listed exclusively for its Aboriginal cultural values.
The area includes a long dormant volcano, which is the source of the Tyrendarra lava flow which extends over 50 kilometres and is central to the history of the Gunditjmara people.
Budj Bim is home to one of the world's oldest and largest aquaculture systems and there is evidence of a large, settled Aboriginal community systematically farming and smoking eels for food and trade.
Minister for Aboriginal Affairs Gavin Jennings said Budj Bim was one of Australia's most important cultural sites.
"We're supporting the Gunditjmara people in their self-determination as they lead the development of this landscape to share it sustainably with the world," he said.
South West Coast MP Roma Britnell said if Budj Bim was placed on the list it would be a coup for tourism across the area.
"World heritage listing will be a massive tourism windfall for our region, there is a worldwide thirst for cultural tourism," she said.
"Funding to improve the infrastructure around that area is certainly needed to help our region make the most of the economic benefits increased tourism will bring."
Glenelg Shire Council mayor Anita Rank said it had been a proud supporter of the application, working for more than a decade with Gunditj-Mirring Traditional Owners Aboriginal Corporation and key Gunditjmara elders to complete the bid.
She said council was "extremely excited" to continue this support in anticipation of the pending announcement.
"This week's announcement in Paris is a positive step forward as we await this important final decision by UNESCO," Cr Rank said.
"A World Heritage listing places Budj Bim alongside the likes of the Great Barrier Reef and Kakadu National Park. We are anticipating hundreds of visitors, both domestic and international, visiting our region to learn more about this ancient and unique landscape.
"This is a game changer for indigenous tourism in Victoria. The state government's funding support is welcomed as it will allow for the next important stage of the master plan to commence, building important infrastructure such as paths, lookouts and amenities to cater for this growing visitation."
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