Port of Melbourne officially closed for $9.7B

Victoria's bank account is about to get a nice bump before pay day - $9.7 billion from the sale of the Melbourne port lease is landing there today.

Financial close on the 50-year lease deal has been achieved, with a consortium led by the Future Fund and QIC winning the bid for the port.

"We receive that money and we will put it to work immediately. It will go straight into the Victorian Transport Fund," Treasurer Tim Pallas told today.