Tuesday, 29 July 2025

Suburban Rail Loop

David DAVIS (Southern Metropolitan) (14:13): (971) My question is to the Treasurer. Treasurer, it is well known that the government’s SRL project is not fully funded. A one-third program contribution of $2.2 billion from the Commonwealth is just a wedge of the $11 billion hole in that funding, and the government’s plan to fund a third of the cost through value capture is patently unrealistic. In this context, given the story in today’s Age, ‘Rail loop tax plan to help fill $11.5 b funds hole’, I ask the Treasurer: will you rule out any new or hypothecated tax on households in the SRL zone to assist filling the SRL black hole?

Jaclyn SYMES (Northern Victoria – Treasurer, Minister for Industrial Relations, Minister for Regional Development) (14:14): I thank Mr Davis for his question. As is well known, we are very supportive of the SRL project, as are most Victorians, who continue to vote for it and continue to be very excited about the prosperity that it is going to bring to the region in terms of housing and the ability to live near education, health and jobs. This project is a game changer for that region and for the state in relation to what I am particularly excited about, the productivity gains that it will bring to the state of Victoria. It is no secret that we have said that this is a project that will be funded through three streams: state, federal and value capture. To describe $2.2 billion as paltry is something that –

Members interjecting.

Jaclyn SYMES: Normal Victorians are not talking to me about $2.2 billion as a very small amount. It is a show of faith in a project that is going to be so important to our state. In relation to value capture, we have been on the record that this is something that we think is an appropriate way to fund this project. It is not new. It was used for the Metro Tunnel. It was used for Sydney Harbour Bridge, I believe. This is something that we will continue to explore. We have had constructive conversations. Victorians understand that when you build productive infrastructure, what comes with that is greater prosperity for that region. It means that there are new shops, new businesses and opportunities for everyone to benefit from an economic uplift.

David Davis: On a point of order, President, the question was very simply about whether there is a new or hypothecated tax on households.

The PRESIDENT: I believe the minister was responding to your preamble but getting to the answer to the question.

Jaclyn SYMES: SRL precincts will be highly attractive places for businesses and for commercial property, and prices will grow again and again in relation to that precinct, particularly as more and more of that project progresses. We have been very clear from the beginning that we will look to capture some of the value of this uplift. However, the final package is being finalised. Details will be announced once our implementation arrangements are complete.

David DAVIS (Southern Metropolitan) (14:16): It is clear a new tax is going to come on households in those zones, so people better get ready for a new tax on their households in those zones. I ask a further question as a supplementary question to the Treasurer: will you rule out absolutely any additional tax on land within the SRL zones, including commercial land?

Jaclyn SYMES (Northern Victoria – Treasurer, Minister for Industrial Relations, Minister for Regional Development) (14:16): Mr Davis, I have run through this. The minister for SRL has continued to run through this. We are working through value capture. There are a lot of ideas out there. Nothing in the paper was new today. When we have more to say, we will put that –

David Davis interjected.

Jaclyn SYMES: I am not going to engage in Mr Davis’s speculation, fearmongering, the way he sees the world. I will act appropriately.

David Davis: On a point of order, President, the Treasurer could just say, ‘No, there will be no new tax.’

The PRESIDENT: It is not a point of order. Mr Davis, this question time you have asked questions and then started yelling at the minister when they are answering, and it makes it very difficult for me to hear the answer. Then you get up and point of order and say that the minister is not answering the way you would like her to, and I cannot hear her because you are yelling. It is weird.

Jaclyn SYMES: I forgot where I was up to because I got distracted by all of the bluster over there. I am acting appropriately, consulting with the relevant minister and having appropriate conversations in relation to value capture. We have not made a secret of that. I will not respond in the way Mr Davis is trying to encourage me to, because I have got proper processes, probity and an appropriate way that I will conduct myself. I will not be baited on the hysteria that we have seen today from that side of the chamber.