Victoria’s Suburban Rail Loop black hole deepens

Friday 28 August 2026

The Victorian Auditor-General’s Office (VAGO) has released a scathing report on the Suburban Rail Loop (SRL) project’s funding, cost and schedule.

VAGO uncovered a hidden 1% annual fare levy that has been applied for more than a year without public disclosure.

The levy was introduced in secret under former premier Jacinta Allan as a 38‑year “rail improvement charge”. It adds 1% on top of normal inflation fare rises every year until 2062.

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About the author

Leith van Onselen is Chief Economist at the MB Fund and MB Super. He is also a co-founder of MacroBusiness. Leith has previously worked at the Australian Treasury, Victorian Treasury and Goldman Sachs.