Will a i5 7500 suffice for an ASUS Nvidia GTX 1070 8gb Dual Series?

Also here is my planned build:
PCPartPicker part list: https://au.pcpartpicker.com/list/qwT6xY
Price breakdown by merchant: https://au.pcpartpicker.com/list/qwT6xY/by_merchant/

CPU: Intel Core i5-7500 3.4GHz Quad-Core Processor ($257.00 @ Shopping Express)
Motherboard: ASRock B250M Pro4 Micro ATX LGA1151 Motherboard ($116.00 @ IJK)
Memory: G.Skill NT Series 8GB (1 x 8GB) DDR4-2400 Memory ($75.90 @ Newegg Australia)
Storage: ADATA Ultimate SU800 128GB 2.5" Solid State Drive ($79.00 @ Centre Com)
Storage: Seagate Barracuda 2TB 3.5" 7200RPM Internal Hard Drive ($94.00 @ Shopping Express)
Video Card: Asus GeForce GTX 1070 8GB Dual Series Video Card ($565.00 @ Scorptec)
Case: Deepcool TESSERACT BF ATX Mid Tower Case ($49.00 @ Mwave Australia)
Power Supply: Corsair 500W 80+ Bronze Certified ATX Power Supply ($85.00 @ Mwave Australia)
Monitor: ViewSonic XG2401 23.6" 1920x1080 144Hz Monitor ($399.00 @ Mwave Australia)
Total: $1719.90 AUD
Prices include shipping, taxes, and discounts when available
Generated by PCPartPicker 2017-03-23 12:28 AEDT+1100

I am also looking for compatibility and value for money
This build is made for gaming and general use, for an Australian budget.

For those who answer Thanks!

Edit: My updated build:
PCPartPicker part list: https://au.pcpartpicker.com/list/jRYnKZ
Price breakdown by merchant: https://au.pcpartpicker.com/list/jRYnKZ/by_merchant/

CPU: Intel Core i5-7500 3.4GHz Quad-Core Processor ($257.00 @ Shopping Express)
Motherboard: ASRock B250M Pro4 Micro ATX LGA1151 Motherboard ($116.00 @ IJK)
Memory: G.Skill NT Series 8GB (1 x 8GB) DDR4-2400 Memory ($75.90 @ Newegg Australia)
Storage: ADATA Ultimate SU800 128GB 2.5" Solid State Drive ($79.00 @ Centre Com)
Storage: Seagate Barracuda 2TB 3.5" 7200RPM Internal Hard Drive ($94.00 @ Shopping Express)
Video Card: Asus GeForce GTX 1070 8GB Dual Series Video Card ($565.00 @ Scorptec)
Case: Deepcool TESSERACT BF ATX Mid Tower Case ($49.00 @ Mwave Australia)
Power Supply: Corsair 500W 80+ Bronze Certified ATX Power Supply ($85.00 @ Mwave Australia)
Monitor: LG 25UM58-P 25.0" 2560x1080 75Hz Monitor ($219.00 @ Mwave Australia)
Keyboard: Thermaltake CHALLENGER PRIME Wired Gaming Keyboard ($45.00 @ PCCaseGear)
Mouse: Logitech G300S Wired Optical Mouse ($38.50 @ Shopping Express)
Total: $1623.40
Prices include shipping, taxes, and discounts when available
Generated by PCPartPicker 2017-03-23 18:52 AEDT+1100