Three billion dollars the Coalition government has hoarded in a “locked box” since committing it to the East West Link toll road more than five years ago could be freed up for other projects if Labor wins government.

Federal Labor leader Bill Shorten said he would speak with Victorian Premier Daniel Andrews about the best use of the $3 billion, which the Commonwealth holds in a contingency fund.

Mr Shorten stopped short of guaranteeing he would release the funds.

Opposition Leader Bill Shorten during an announcement on Canberra's light rail. Credit:Alex Ellinghausen

The Coalition has dangled the $3 billion at any future Victorian government that commits to the 18-kilometre road project, which Labor infamously dumped at a cost to taxpayers of more than $1 billion in 2015.