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The $500 million redevelopment of Adelaide Oval will revitalise Adelaide, Prime Minister Julia Gillard says.
Ms Gillard described the redevelopment as a "once-in-lifetime" project and thinking of the revamped stadium as just an investment in sports infrastructure was underestimating its significance to the city and its people.
It will create an entirely different sense of how people use, move around and enjoy the city, she said.
"So it's a very important piece of infrastructure," Ms Gillard told reporters in Adelaide on Wednesday.
"This is about people coming into the city, attending a sporting event then going on, flowing from the river back into the city.
"So it really is about revitalising the city of Adelaide."
The PM said the federal government would provide $30 million towards the redevelopment to fund two new underground carparks for the revamped 50,000-seat stadium.
The funds will also be used to create new wetlands and for other enhancements around Adelaide's Riverbank precinct, which runs between the oval and the city centre.
The cash is less than the $100 million originally sought by the state government, although that was in the context of the commonwealth's bid to stage soccer's World Cup in Australia.
Federal Adelaide MP Kate Ellis said the government believed the $30 million was a fair contribution that would make a real difference to the project.
She said all South Australians would have expected their treasurer to have asked for more money than the state government was going to receive in the end.
The redevelopment of the oval will bring AFL football to the ground by 2014, at the same time as it continues as the venue for international cricket and other events including outdoor concerts.
Acting Premier John Rau welcomed the federal contribution and said the project now enjoyed overwhelming public support in South Australia.
"We're lucky enough to have cricket and football and the general public entirely supportive of this project," he said.
Based on information provided by and with the permission of the Western Australian Land Information Authority (2014) trading as Landgate.