Victorian Labor plans to borrow $25.6 billion to fund some of its ambitious infrastructure election promises, including a rail line to Melbourne Airport.
Treasurer Tim Pallas unveiled the party's costings on Thursday, two days before the state election.
Under a Labor government, net debt will double to 12 per cent of gross state product to pay for big-ticket items including the North East Link road, airport rail and the removal of 25 rail level crossings.
The 10-year loan would strictly be spent on the three projects, which Mr Pallas said go "beyond the core business" of state government.
"Intergenerational contributions to what are intergenerational pieces of infrastructure is highly important," he told reporters.
"They won't get built unless we are prepared to play the long game."
The treasurer criticised the federal government's infrastructure spend in Victoria, which is about 10 per cent of what Canberra distributes nationally.
"We are a long way shy of where NSW is and there's no reason the outstanding star performer, job generator of the nation shouldn't be getting a fair share of federal infrastructure," he said, referring to Victoria.
"With their help we could be doing much more."
The federal government has committed $6.7 billion to the airport rail link and North East Link.
Labor is confident the loan will not threaten the state's AAA credit rating, engaging economist Robert Officer to conduct an analysis of the costings.
Mr Officer said he found the party's financial plan to be both "rigorous and conservative".
"It would require an economic downturn of a scale we have never seen in order for this to change, to adversely impact the viability of the agency involved," he said.
Ten billion dollars of existing capital will be spent on other election promises, including $4.7 billion for healthcare, $3.4 billion to education and $3.2 billion to public transport and road projects.
The government anticipates an average annual surplus of $2.4 billion for the next four years.
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