The Napthine government must be kidding. Last week it announced six finalists in the competition to refurbish the Flinders Street Station. The winner of the $500,000 prize has already been decided by a jury of ''prominent people'', including the Master Chef presenter George Calombaris, but the decision won't be announced until August 8 to enable Victorians to vote for their favourite design.

Incredibly, the government says there is no guarantee that the winning design will ever be built. It depends on whether the money is available. I think we are being set up for another Public Private Partnership, with the investment bankers and superannuation funds rushing to the rescue.

Premier Denis Napthine shows plans for the East-West tunnel.

It has the hallmarks of the Southern Cross (nee Spencer Street) Station redevelopment/ripoff. The capital cost of the building was $300 million. The private partners supplied the money and effectively charged the government an interest rate of 8.35 per cent over the life of the partnership. The government could have financed the same building, using the same construction company, at the then long-term bond rate of 5.65 per cent when the contract was signed in 2002 - a saving of $497 million. This saving might have helped pay teachers, nurses and ambulance drivers a competitive salary.

This is what happens when the interests of investment banks and superannuation funds and their army of advisers are prioritised before actual services in health, education and public transport. It is the financial deal that matters, not the service that it is expected to provide.