Melb East West Link cost could go up

Victorians will find out each year how much more it might cost them to dump the East West Link road tunnel.

Swapping the variable interest rate on the $3 billion loan to a fixed rate has so far cost $217 million, with that figure set to go up or down over the next six years.

The comes on top of the $420 million the state paid to get out of the contract.

The figure was revealed in the Treasury Corporation of Victoria annual report on Tuesday, and Treasurer Tim Pallas said it would be reported each year until the loan facility expired or was used for another project.

"The swaps will continue to be floating, if you wanted to make a guess at a point in time I suppose it would be reasonable for you to put a figure at around its current rate," he said.

Victoria swapped the interest rate at a cost of $191 million in February, before it went up to $217 million in June.