Secrecy costs Victorian taxpayers tens-of-billion of dollars

In late 2023, it came to light that Richard Bolt, the former head of the Victorian transport department from 2015 to 2018, had criticized the Suburban Rail Loop (SRL) project. Bolt revealed that he was kept out of the initial stages of the project's development and had warned that it would be a waste of public funds. He contended that an "improved bus service" could deliver similar benefits at a significantly lower cost.

Bolt emphasized the significant cost of the SRL project, stating that it was causing a high cost to public value, particularly in terms of the optimal use of state finances. He also criticized the extraordinary secrecy surrounding the project, which he deemed a breach of convention and public trust. Bolt expressed concern that the project's opportunity costs had not been tested and that better uses of funds had been crowded out due to the lack of scrutiny by the Department of Treasury and Finance. The full details of Bolt's statement are available to MacroBusiness subscribers.