The second problem with big projects in a hurry is that if megaprojects are consistently under-costed, the government is likely to systematically over-invest in these projects.
Yet governments almost never go back and discover how the actual costs and benefits of a completed project compare with the costs and benefits that were promised. If they do go back, they rarely share their findings with taxpayers. It’s impossible to know how much cost blowouts from megaprojects have cost Victorian taxpayers under the Andrews government because that information is not disclosed transparently to the community.
Without projects being carefully scrutinised, it’s difficult to know what the objectives are, if there are better ways of achieving those objectives, and if we are overlooking better projects in their favour. Think about what we could do with the $50 billion to $200 billion the Suburban Rail Loop is expected to cost.