Cancel The Suburban Rail Loop Debt Bomb
The Suburban Rail Loop (SRL) will overload Victorians for decades with a debt heading toward half-a-trillion dollars. We can’t afford it. It must be stopped.
The Libertarian Party in government will cancel the Suburban Rail Loop.
Suburban Rail Loop map
What we know and can speculate
Cost
- In 2018, the original projected cost of the Suburban Rail Loop was $50 billion.
- Today the total cost will likely exceed $400 billion. (Details in full policy)
What will we get for that money? And when will we get it?
- A 30-year-old today will be lucky if they travel on the northern and eastern SRL by the time they are 60 or more, even if everything goes to plan – and it never does. If they live in Werribee or Tarneit they may not see it at all.
- The Suburban Rail Loop, if built, is something most of us will likely never live to see.
(Details in full policy)
Debt bomb
The Suburban Rail Loop is an irresponsible debt bomb.
- Current government debt is $167 billion set to rise to $194 billion within 3 years.
- That’s $23,700 debt for every Victorian.
- $23 million in interest payments EVERY DAY. $36 billion over the next 4 years.
- By 2028 Victoria’s debt burden will reach almost $200 billion.
This debt is BEFORE the SRL debt
What does this mean? Higher taxes. Cost of living up even more.
The Suburban Rail Loop is irresponsible. It’s an unaffordable mortgage on the future of every Victorian. The interest payments on this atomic debt bomb mean the actual loan principal can’t be paid off. Not within 50 or even 100 years.
That debt will have to be paid in higher taxes. Higher taxes mean higher cost of living.
And then China.
China and the Victorian SRL debt.
With Victoria’s debt currently rated among the world's worst by international credit agencies our state government has created a massive debt problem. The government is now reliant on foreign lenders as local funders won’t loan Victoria more money. It’s too risky.
Is it possible that the government have mortgaged Victoria to China for the sake of loans to stave of Victoria’s debt disaster?
CFMEU and the SRL
The SRL and infrastructure projects have been dominated by CFMEU, corruption, crime infiltration, Public mismanagement and Violence.
The victims have been small business, independent contractors and the Victorian Public with no accountability for tax payers funds.
The Victorian Public need answers about the CFMEU, outsourcing projects to China and funding the Labor party.
The $6 billion SRL cancellation trap
The Victorian government has signed long term forward contracts for the SRL. Best advice is that to cancel these contracts will require a $6 billion payout to the contractors. The signing of such lock-in contracts is irresponsible. It’s reckless … with our money.
The horrible choice
A future Victorian Government is faced with a horrible choice.
The SRL must be cancelled to save Victoria from catastrophe. It’ll be a hard pill to swallow in the shorter term, but it will put Victoria back on the path to financial health and prosperity.
The Libertarian Party, in government, will cancel the Suburban Rail Loop.