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Confidential documents reveal the SRL was estimated to cost $37 billion. A new tax was proposed on all homes across metropolitan Melbourne to pay for it.
Victorian treasury officials warned former premiers Daniel Andrews and Jacinta Allan as early as 2020 that the Suburban Rail Loop already posed serious fiscal challenges, estimating the project would cost $37 billion – far higher than publicly disclosed.
The Department of Treasury and Finance warned a handful of ministers in confidential briefings in early 2020 that proposed tax increases – including new taxes on all homes across metropolitan Melbourne – fell short of covering even the interest repayments on the project, according to a “funding and financing strategy” document obtained by The Australian Financial Review.
