But James, this is bigger than an infrastructure project that just doesn't stack up, isn't it? This project has come to be emblematic of all that critics would say is wrong with Victoria at the moment.

Couldn't agree with you more.

Samaya said it perfectly in a piece on Saturday.

If there's a single project that encapsulates every criticism levelled at the modern Victorian Labour Party, it's this one, concocted in secret, cooked up by consultants and exorbitantly priced.

The SRL is the epitome of the Andrews era.

Get stuff done at any cost style.

The two recurring themes of the Andrews-Allen years, in my opinion, are financial indiscipline and poor governance, particularly in the form of union corruption.

She is eyeing off the November state election here.

Ran advertising divisions, ran the marketing circulation departments.

And he becomes a big fish in the Melbourne property world, has very close relationships with those real estate agents, which are absolutely critical.

And real estate was one of these rivers of gold for media companies, so you know, real estate classified listings, cars classified listings, and job ads.

Those were the three pillars, I guess, that underpinned the very lucrative area that was media back in the early 2000s.

It's also really important, if we're just gonna do the full sweep of history, Lisa, to make the point that in 2000, so just before Catalano's appointed real estate director, Lachlan Murdoch makes a very interesting decision.

He invests $2.2 million into a company called REA Group.

So what I would say is there's no way back for Catalano if he is found guilty of these allegations.

I don't think there is, Lisa.

[laughs]

Every budget is important, but some budgets are more important than others.

And in fact, this morning we were talking to John Kehoe about, like, you know, this is what you do at the AFR.

What, like, what, what were the five most consequential budgets? And so you're looking at 1942, Ben Chifley, Commonwealth Tax, Control of Income Tax.

You're looking at the Bill Hayden budget in '75 where, where you're getting Medicare in the, in the Whitlam government.

You're looking at Paul Keating in '83, where he really goes to town on modernizing the Australian economy.

You're looking at Peter Costello in '96, where we're getting into surpluses and fiscal responsibility.

How ambitious do you think he can, A, afford to be, and then how ambitious will he actually be?