Victorians paid more than $2.6 billion last financial year in subsidies to the state's public transport operators, less than a quarter of which made its way back into the public purse through fares.
And the multibillion-dollar bill to taxpayers - already more than $10 billion - is forecast to grow in coming years, defying the predictions of those who spearheaded the system's privatisation 15 years ago.
In 2012-13, state government authority Public Transport Victoria made more than $1.2 billion in service payments to private operators Metro Trains and Yarra Trams, $935 million to bus companies and $49 million to Asset Co, which manages Southern Cross Station. It also paid $361 million to regional rail and coach operator V/Line, which is a government-owned corporation.
Just $589.8 million of the total service payments bill - 22.2 per cent - was recovered through paid fares, a level considered well below international best practice.