The Australian federal government has allocated $2.2 billion for Victoria's controversial Suburban Rail Loop project, but has placed conditions on further funding. The approval comes after months of negotiations between the federal and Victorian governments, with concerns raised about the project's affordability and value for money. The release of funds is contingent on Victoria demonstrating progress in strengthening the project's financial foundation and addressing concerns regarding value capture.
The Australian federal government has allocated $2.2 billion for Victoria 's controversial Suburban Rail Loop project, a significant step forward but with conditions attached. Federal Infrastructure Minister Catherine King announced the release of the funds on Wednesday, stating that the Victoria n government must demonstrate further progress on solidifying the project's financial underpinnings before receiving additional funding.
Victoria's Suburban Rail Loop Minister Harriet Shing welcomed the announcement, emphasizing the project's potential to create new housing opportunities and economic growth. While acknowledging the federal government's commitment, Shing stressed the need for continued collaboration to ensure the project's long-term success. The project, with an estimated initial cost of $35 billion, has faced scrutiny due to concerns about its affordability and value for money.King emphasized the importance of securing value for Australian taxpayers, highlighting the need for the Victorian government to address concerns regarding value capture, a mechanism for recouping public investment through increased land values and economic activity. She stated that the federal government would continue its discussions with Victoria, particularly upon receiving Infrastructure Australia's advice on value capture, before making further financial commitments. The funding announcement has been met with mixed reactions. Opposition spokesman Evan Mulholland criticized the project, arguing that it should be paused due to uncertainties surrounding federal funding and the potential impact on other infrastructure priorities. He claimed that Victoria's bid for additional federal funding had been unsuccessful, raising concerns about the project's viability
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