Victorian taxpayers are facing a further hit from Labor’s Big Bill blowout as key financing costs have been hidden from the recent State Budget.
The 2022-23 Budget Papers confirm that the total cost of the North East Link and Metro Tunnel, which are both already billions over budget, does not include “financing costs”.
Critically, the North East Link – already $10.4 billion over budget – is yet to be financed, meaning borrowings to finance the project will now incur higher costs.
These hidden financing costs are only set to worsen as interest rates continue to rise – adding millions more to Daniel Andrews’ $28.1 billion Big Bill blowout.
Shadow Minister for Transport Infrastructure, Matt Bach, said Labor’s hidden Big Bill blowouts would be yet another hit to Victorian taxpayers.
“Victoria is paying the price of Daniel Andrews’ major project mismanagement as taxpayers are set to be hit with millions more in cost blowouts.”
“Local communities will never recover and rebuild whilst Labor continues to throw away billions of dollars that should be used to fix the health crisis.”
“Only a Matthew Guy Liberals and Nationals Government will end the Big Bill waste and ensure taxpayers are getting value for money from their major projects.”
Matt Bach MP
Shadow Minister for Transport Infrastructure