Victorian Premier Jacinta Allan has revealed that the North East Link toll road project has blown out in cost to $26.1 billion, more than double its original budget, just days after Labor signed a $3.6 billion tunnelling contract for the Suburban Rail Loop.

This comes as a mid-year budget update released on Friday showed Victoria is projected to have a net debt of $177.8 billion by June 2027, up by $6.4 billion from the May budget.