The Allan Labor Government's financial mismanagement of the Suburban Rail Loop (SRL) has reached a new low, with Minister for the SRL, Harriet Shing, today refusing to provide any clear answers on how the mega-project will be funded, leaving Victorian taxpayers on the hook for billions.
At a Public Accounts and Estimates Committee hearing, Minister Shing's performance was an exercise in obfuscation and denial, confirming what Victorians have long suspected: Labor has no credible plan to pay for their pet project.
"Today, Minister Shing demonstrated a shocking contempt for transparency and accountability, flat-out refusing to identify how the Suburban Rail Loop East will be funded," Shadow Minister for Major Projects, Evan Mulholland, said.
"For over two years, the Labor Government has known about serious concerns from Infrastructure Australia, yet the Minister could only parrot 'working with Infrastructure Australia' countless times without providing a single piece of updated information. This isn't collaboration; it's a cover-up."
Adding insult to injury, Minister Shing astonishingly claimed the SRL was "uniquely" avoiding the 22% increase in construction costs seen since their 2021 business and investment case, the same increases that have plagued every other major project in Victoria.
"This is an outright fantasy. Construction costs have skyrocketed across the board, yet the Minister expects Victorians to believe the SRL is immune. This directly contradicts the Premier's refusal on Monday to answer questions about a blow-out in costs - proving Labor is either deliberately misleading Victorians or utterly clueless about the true financial state of this project," Mr. Mulholland said.
The financial black hole deepened with the Minister's refusal to explain how the $9.3 billion earmarked and unfunded Federal contribution will be funded, especially after the Prime Minister this morning on ABC radio refused to guarantee that funding.
"It's now crystal clear: the $9.3 billion from the Commonwealth is unfunded and not forthcoming. This means Victorian taxpayers will be left to foot the bill for Labor's unfunded promises."
Furthermore, the Minister refused to answer critical questions regarding the $11.5 billion value capture allocation, failing to provide any timeline for when this revenue will be received.
"The so-called 'value capture' is nothing more than a smokescreen for more government debt that Victorian taxpayers will be forced to pay upfront and pay interest on. Labor is banking on a mirage to fund this project, with no clear path to revenue."
"Labor cannot manage money, they cannot manage major projects, and Victorians are paying the price. The Suburban Rail Loop is fast becoming a monument to Labor's financial incompetence, saddling future generations with unsustainable debt for a project with no clear funding pathway," Mr Mulholland said.
