The Fin Too big to cancel? The project that sums up Victoria’s problems
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Sep 2, 2026 
Sumeyya Ilanbey, the Australian Financial Review’s Victorian political correspondent, joins editor-in-chief James Chessell to examine Victoria’s costly Suburban Rail Loop. They explore its origins, escalating price tag, federal backing, secret transport levy and why Labor may be unable to cancel contracts. The discussion also considers debt, energy costs and how the project could shape November’s tight state election.
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How Melbourne’s Orbital Rail Vision Began
- The Suburban Rail Loop would create a 90-kilometre orbital network allowing travel between Melbourne suburbs without passing through the CBD.
- Consultants developed it outside Victoria’s formal transport planning process, making the project highly political from inception.
The Facebook Announcement That Changed Melbourne Seats
- Daniel Andrews announced the Suburban Rail Loop on Facebook just three months before the 2018 state election.
- Its first stage targeted electorates that had traditionally been safe Liberal seats and helped Labor make them marginal.
The Rail Loop’s Cost Is Expanding Before Completion
- SRL East’s projected cost has risen from $30.5–$34.5 billion to roughly $36 billion, while SRL North was estimated at $63.7 billion.
- Victoria has signed about $14.5 billion in contracts, and federal taxpayers are exposed through at least $6 billion in Commonwealth funding.