The Albanese government has ended a funding impasse over the Marinus Link project across Bass Strait by agreeing to fund 80 per cent of the project as part of a wider $6 billion package of loans and equity for Victoria’s renewables, offshore wind, and the VNI West transmission link projects.

The funding is the first deployment of Labor’s off-budget $20 billion Rewiring the Nation plan taken to the May election and comes just weeks before Daniel Andrews seeks a third term as the state’s Labor premier.