Vic govt promises $12b, ALP $10b

The Victorian coalition has splashed out $12.4 billion in election promises, out spending Labor's $10 billion worth of commitments.

Labor released its policy costings and identified $334 million in savings over the next four years, including cutting taxpayer-funded advertising.

The party will also scrap the East West Link road tunnel project, and slash the executive officer ranks in the public service.

But the coalition says Labor has underfunded its key policy to remove 50 level crossings, with only 20 set to be removed in the next four years.

Shadow treasurer Tim Pallas says Labor has promised $3.3 billion in new recurrent expenditure and $6.78 billion in capital works.

The costings don't include a figure for scrapping the East West Link, which could be as much as $1.1 billion, but Mr Pallas says there's a contingency available in case compensation is needed.

"We wanted to be very clear to the Victorian people, we've provided for the most extreme circumstances," Mr Pallas told reporters on Thursday.

Treasurer Michael O'Brien said the coalition's $12.4 billion spending program would see construction start on major infrastructure projects in the next four years.

"Our plan delivers the biggest modernisation plan in Victoria's history, without increasing net debt," Mr O'Brien told reporters.

Mr O'Brien said Labor was cherry-picking eight level crossings the coalition was already removing and adding 12 of their own.

"They've underfunded 20 of them and they haven't got any money for 30 of them," he told reporters.

Mr Pallas said Labor had committed $300 million on the Melbourne Metro Rail project, but couldn't say how the $9-$11 billion project would be funded or when it would be built.

Labor plans to save $40 million cutting the number of executive officers in the public service, and $29.6 million reducing the use of labour hire firms.

It will also disband the Construction Code Compliance unit, potentially putting federal money for Victorian projects in jeopardy.

Labor's accounting firm Moore Stephens engaged Bob Officer, who ran a commission of audit for the Howard Government, to look over the details.

He said he didn't take a political view on the Labor Party's policies.

"I think it's in everyone's interest to get the costings as near as possible to being right," Professor Officer said.

Labor's costings statement predicted a $1.09 billion surplus in 2014/15, $2.2 billion in 2015/16, $2.6 billion in 2016/17, and $2.9 billion in 2017/18.

The coalition statement was similar, but predicted slightly smaller surpluses in 2015/16 and 2016/17, and a larger one in 2017/18.