Today, the Allan Labor Government announced it will divert land tax revenue raised in SRL precincts, which is ordinarily used to fund government services like health and education, into the SRL.
As a consequence, Premier Jacinta Allan and Treasurer Jaclyn Symes have confirmed their budget now contains a $5.75 billion blackhole.
Furthermore, the Allan Labor Government will introduce a new developer charge of almost $34,000 per property from 2032 - a de facto second stamp duty on homes in these communities.
Under Labor, major projects have suffered more than $50 billion in cost blowouts, as net debt continues to climb by $1.7 million an hour and is expected to reach a record $192.6 billion by 2028-29.
Leader of the Opposition and Shadow Treasurer, Jess Wilson, said: "Labor's budget now contains a $5.75 billion blackhole.
"Hitting homebuyers with effectively a second stamp duty will make already unaffordable housing even more unattainable and will worsen Victoria's construction and investment exodus.
"Labor's costings for this project are outdated and discredited - meaning Victorians will end up paying even more than they are already through higher taxes and more debt."
Shadow Minister for Transport Infrastructure, Evan Mulholland, said: "Labor has finally confirmed Victoria's worst kept secret - the SRL will only be built through higher taxes and more debt.
"The Premier and Treasurer must answer a very simple question - what jobs and essential services will they slash to pay for their $5.75 billion budget blackhole?
"Labor cannot manage money, cannot manage major projects and Victorians are paying the price."
