The former chief economist for Industry Super Australia says the Suburban Rail Loop is the “worst infrastructure project of all-time” and the fiscal record of Daniel Andrews is disgraceful.

The Parliamentary Budget Office estimates the first two stages of the project from Cheltenham to Melbourne Airport is expected to cost $125 billion over the next three decades.

While the state is covering one-third of the cost of the first stage, Stephen Anthony from Macroeconomics told Neil Mitchell the money could be better spent elsewhere.

“It is a disgrace,” he said.

Press PLAY below to hear his scathing assessment

Mr Anthony said living standards had declined in Victoria over past two decades and continued to fall.

“We have brought too many people here, too quickly, who have too low skills,” he said.

Mr Anthony said he had no idea whether Matthew Guy was the answer to Victoria’s woes, but said the evidence on the Labor government was crystal clear.

“Daniel Andrews, in terms of his fiscal track record, is disgraceful,” he said.