The Australian Government will provide $750,000 to purchase and renovate the childhood home of former Prime Minister Bob Hawke, to protect its heritage value and commemorate his life and achievements.
Robert James Lee Hawke was born in 1929 at Hawke House in Bordertown, South Australia.
Prime Minister Scott Morrison said the conservation of Hawke House was important for Australia's heritage and democratic history.
"Bob Hawke made an extraordinary contribution to Australian life and holds a special place in the hearts of Australians," the Prime Minister said.
"Australians loved him and he loved them back. Every Australian felt connected to him, regardless of their politics, and he was big enough that we entitled an era after him - the Hawke era.
"His childhood home is a significant part of our national story and preserving it will enable current and future generations to celebrate his life, achievements and substantial role in our democratic history."
Hawke House will add to the homes of former Prime Ministers already preserved for the nation, including Ben Chifley's home in Bathurst, New South Wales; John Curtin's home in Cottesloe, Western Australia; and Joe and Enid Lyons's family homes in Stanley and Devonport, Tasmania.
The Australian Government will now work with the local Bordertown community and the National Trust of South Australia to upgrade Hawke House and ensure its heritage value is protected so all Australians can understand and celebrate the Bob Hawke story.
$5 million will also be provided to the existing endowment fund of The General Sir John Monash Foundation to create an annual scholarship known as the Bob Hawke John Monash Scholar.
The Scholars, chosen by the Foundation, will study in any field deemed in the interests of the nation. The aim will be to support, for up to three years, talented young Australians with ability and leadership potential to develop their skills at leading overseas universities.
