Dan’s $50b rail megaponzi an uncosted white elephant

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Victorian Premier, Dan Andrews, was out and about over the weekend spruiking his government’s 90 kilometre suburban rail loop, which he admitted is still yet to be costed and yet to be subject to a business case:

Mr Andrews said there had already been “thousands” of hours of technical planning over the past 12 months, including 14 bore holes dug up to test rock and soil for composition and stability…

The Age has previously reported it would be a $50 billion project, but Mr Andrews could not say exactly what the project would cost. The state has stumped up $300 million for the project’s business case.

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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.