The proposed Melbourne Metro Rail Project is being fast-tracked, with the Victorian Government bringing forward $40 million in planning money.
A further $260 million will also be allocated in the May state budget, while a new authority will be established to oversee planning works.
With major construction expected to start in 2018, Premier Daniel Andrews said it was estimated the project would be operational by 2026.
"If we can do better on those timelines of course we will," Mr Andrews said.
"The sooner you start the sooner you'll finish.
"We should be much further advanced on this project because it ought not to have sat in mothballs for the last four years."
The metro project includes five new underground stations at Arden, Parkville, CBD North, CBD South and Domain, connected by nine kilometres of underground rail tunnels.
The previous coalition government favoured an alternative project, known as Melbourne Rail, which was to run along a different route and have a station at Montague-Fishermen's Bend.
It was also critical of Labor's plans to run the tunnel underneath busy Swanston Street, claiming it would create significant disruption.
Former premier Denis Napthine even compared the disruption to Swanston Street to the Berlin Wall.
Mr Andrews said the exact impact to Swanston Street was still unknown.
"Swanston Street is one route, there's talk about alternative routes," he said.
"I'm not a transport engineer.
"I think the best thing to do is to give the resources needed to the experts to get on and do this properly."
'A system like New York, London': Public Transport Victoria
Mr Andrews said metro rail would give Melbourne a world-class public transport system.
"This is effectively a second city loop," he said.
"It's a train system where no timetable is needed."
It is expected the project will allow 20,000 more passengers to travel on the city's rail network during peak hour.
The total cost of the project has been estimated between $9-11 billion.
The head of Public Transport Victoria, Ian Dobbs, said the early release of the funds meant vital preliminary work could begin.
"It allows us to get on with the job of delivering what I think will become an iconic project in terms of this city," Mr Dobbs said.
"Melbourne will develop a railway, a metro style system that will be similar to Paris, London and New York."
Mr Andrews said he was hopeful the Commonwealth would help fund the project, despite Prime Minister Tony Abbott saying he would not fund metropolitan rail.
"We are prepared to invest a third, we think the private sector will be a willing partner and they may be able to commit up to a third," he said.
"That leaves one third and we're not going to give up on a federal government doing the right thing, partnering with us to deliver what I think is one of the most significant infrastructure projects our city and state has ever seen.
"This remains Infrastructure Australia's number one infrastructure project for our state."
Source:
http://www.abc.net.au/news/2015-02-16/victorian-government-fast-tracks-funding-for-melbourne-metro/6116042
