Victoria’s 90-kilometre Suburban Rail Loop (SRL) is arguably the nation’s worst infrastructure project. AdvertisementThe SRL was never fully costed prior to its announcement; there was no cost-benefit study, and the state’s infrastructure agency was not even informed of it. In short, the SRL project was a complete failure of due process and policymaking, brought about by an all-powerful Premier. The world’s two main credit rating agencies—S&P and Moody’s—then warned that if Victoria proceeded with the SRL, it would risk further credit rating downgrades. The fact is that the SRL will plunge the state deeper into debt, causing further credit rating downgrades and a higher interest burden.