The Victorian State Government in Australia has established a taskforce to decide the future of Melbourne’s sports stadia and facilities.

The committee, led by Premier Daniel Andrews, will also look at plans for a Aus$300m renovation of Etihad Stadium, the home of Australian Football League clubs Essendon, St Kilda, Western Bulldogs, Carlton and North Melbourne.

However, Eddie McGuire, the president of AFL club Collingwood, wants Etihad Stadium to be bulldozed, along with the adjoining Hisense Arena, and replaced with a new Aus$1bn, 60,000-seat stadium.

The Herald Sun newspaper reported that a final decision could be made before next year’s state budget in May.

“Every sport, concert and major event will be the beneficiary,” McGuire said.

“And it can bulletproof sport, particularly the Victorian AFL clubs and maintain low ticket prices for the long term future.

“For good measure we can fix up the Docklands. That’s my aspiration. It will take the burying of old hatreds and rivalries and a bigger view of what we can be.”

Sports Minister John Eren said: “This will ensure we stop talking about how to embark on a bold transformation – and start doing it.

“New development will not only keep Melbourne’s sporting and entertainment precinct the envy of the world, it’ll be billions of dollars of investment and thousands of Victorian jobs.”

The futures of Olympic Park, Simonds Stadium and Eureka Stadium will also be considered.