Premier Dominic Perrottet was in Gosford Saturday morning to announce $18 million for a new University of Newcastle campus in Mann Street.

The figure matches a Federal Government investment of the same value announced in April 2019, on top of the university's $22 million commitment to the project.

Mr Perrottet was joined in Gosford by Vice-Chancellor Professor Alex Zelinsky AO who welcomed the news.

"We are delighted to partner with the Australian and NSW governments to realise our vision of creating a new health and business innovation campus in the heart of Gosford," Professor Zelinsky said.

"We know that young people on the Central Coast want more opportunities to study at university without leaving the region.

"This new campus will help close skills gaps, increase educational participation rates, generate new jobs, support emerging industries, develop the health services workforce, and foster innovation and entrepreneurship."

The funding is part of $1 billion set aside in the upcoming budget for "key technology and innovation precincts across the state".

Design has begun on the Gosford campus and the facility is expected to be completed in 2025.

Professor Zelinsky said the campus aims to have more than 900 students enrolled in allied health, bioscience, digital transformation, law, business and innovation courses in the first decade of operation.

"We look forward to working with business - the Chamber of Commerce and Business NSW - our partners, with TAFE NSW, and with the NSW and Federal Government to open this new chapter for the Coast."

NSW Treasurer Matt Kean, Minister for Infrastructure, Cities and Active Transport Rob Stokes and Parliamentary Secretary for the Central Coast Adam Crouch were also in Gosford for the announcement.

"We want to draw on the uniqueness of each community and pool those resources to strengthen our position globally and in turn supercharge the future economy," Mr Kean said.

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