Suburban Rail Loop: Victorian government secretly increased public transport fares to help pay for controversial SRL
Summary
The Victorian government quietly raised public transport fares to help fund the Suburban Rail Loop (SRL), a large transport project. A report by the state’s auditor-general raised concerns about the project’s funding transparency, potential delays, and the risk of going over budget.Key Facts
- The government increased public transport fares by 1% annually starting January 2025 without public announcement.
- The fare increase is expected to raise significant funds, with 60% of this revenue planned to support the SRL East stage.
- The Suburban Rail Loop will run 90 km around Melbourne, linking Cheltenham to Werribee and Melbourne airport.
- The first stage, SRL East, covers 26 km from Cheltenham to Box Hill and is due to open by 2035.
- The estimated cost of SRL East has risen to about $33.3 billion, and the total project cost for SRL East and North could reach $96.4 billion.
- The auditor-general reported delays of up to six months on early work for SRL East and still no contracts for stations.
- The government’s funding plan includes $11.5 billion from state and federal governments and another $11.5 billion from value capture methods like land taxes and developer contributions.
- The auditor-general criticized the government for not clearly sharing details about the fare levy and the financial risks.
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