The Business and Investment Case for Victoria’s Suburban Rail Loop (SRL) has been released, outlining how the project plans to deliver more jobs, better services and access to housing as the state grows.
The Business and Investment Case indicates that SRL is expected to support 24,000 jobs across Victoria, and connect people to around 550,000 jobs in the precincts around the stations, with first trains expected to run in 2035.
It also reveals the project will take 600,000 car trips off roads every day, slash public transport travel times by an average of 40 minutes for a one-way trip and stimulate $58.7 billion in economic, social and environmental benefits to the state.
The project will deliver a new 90km orbital rail line and strategic land planning and development initiatives in SRL Precincts – the 1600m zone around stations – aiming to give Victorians jobs and homes closer to a train line and changing the travel patterns of the state.
The Business and Investment Case finds SRL East – between Cheltenham and Box Hill, and SRL North, from Box Hill to the Airport – will deliver up to $58.7 billion in economic, social and environmental benefits to the state, with a positive benefit-cost ratio (BCR) range between 1.1 and 1.7.
Planning work will continue on SRL West, which will fully integrate with the Government’s transport investments in the west – including Melbourne Airport Rail.
SRL East is expected to be complete in 2035 and combined with the completion of SRL North, it will create a long pipeline of work during delivery and attract more than 160,000 additional jobs to the broader station precincts.
The rail line between Cheltenham and Melbourne Airport will carry more than 430,000 passengers daily when SRL North is complete, taking more than 600,000 car trips off of roads every day. The line will carry more than 30,000 passengers to and from Melbourne Airport each day.
SRL East is expected to cost between $30 billion to $34.5 billion across 14 years, to be delivered by 2035.
The Victorian Government intends to fund the project through a range of funding streams, including state contributions, Commonwealth contributions and a mix of value capture opportunities.
Victorian Minister for Suburban Rail Loop, Jacinta Allen, said, “Victorians voted for Suburban Rail Loop and we’re going to get on with it – it’ll change the way our city travels, ensuring every Victorian has access to housing, education and jobs as our state continues to grow.
“The City Loop, West Gate Bridge, City Link and Western Ring Road are all projects that have shaped Melbourne and where people have been able to live and work. Now it’s time for the Suburban Rail Loop to help shape a better future for our growing city and state.”
Community and stakeholder consultation has been underway since 2019, and people will continue to have opportunities for input, including as part of the formal planning and approvals processes.
Read the full Suburban Rail Loop Business and Investment Case here.
Image Credit: Suburban Rail Loop