Long-dated real yields are quietly collapsing, page-13

Yes, but you forget that Daniel Andrews tore up the Napthine Government contract and due to the cancellation, had to give back money to TCL for the ripping up of the Napthine Government contract which was duly signed and executed by the outgoing Government.

As a result of the East-West link cancellation, TCL had no growth in Victoria under the 1st term Andrews Government. It is only now that you have projects such as
1) the Tullamarine Airport - Monash Uni railroad circular (how long will that take),
2) the Greensborough to Springvale Road tunnel (that TCL might be involved with if ever Spring St get around to commissioning it) and the
3) ideas of compensation to TCL for the building a rail link between Tullamarine Airport and Southern Cross Station a.k.a Spencer Street Station, that TCL is even able to forward forecast any potential growth.

And personally I doubt any Victorian Government will execute any of the three projects above in the next 12 years but the ideas will bubble along until then no doubt. Whether TCL can reap any benefit out of all of that is anyone's guess. I would put more faith in mortality personally.

An incoming Federal Government has a mandate to basically rip up the infrastructure projects undertaken across the country by the LNP including road. There may be compensation but Shorten is no Andrews, I would not bank on compensation to TCL from the Feds cancelling stuff.