The Opposition last week described the site as Melbourne's "most contaminated piece of real estate".

Opposition ports spokesman Denis Napthine said the site had not been touched in the two years since the Victorian auditor-general released a report criticising the Government for buying the land without doing its homework.

The report stated the value of the land had dropped from $13.5million to $500,000 and estimated the clean-up cost would be between $6million and $70million.

The site housed a fertiliser plant for more than 150 years and is contaminated with arsenic, copper and lead.

The Government bought it in 2001 to accommodate expansion of the docks.

"They stuffed it up in the first place, paying too much and not knowing the cost to clean it up," Dr Napthine said.

"It's two years since they said they'd be taking action and they've done nothing."

Dr Napthine said Maribyrnong residents should demand action on the site, which he said was still leaching chemicals into the river.

Peter Harry, a spokesman for the site's owner, the Port of Melbourne Corporation, said it was "very pleased with the progress it had made in undertaking a very complex land remediation project".

"PoMC remains committed to cleaning up the site and is working with the Environment Protection Authority to agree to a clean-up strategy." Mr Harry said progress on the clean-up was recorded in the corporation's annual report.