Local government is responsible for street lighting on local non arterial roads in Vic, with VicRoads and local government sharing costs on the arterials. Most local governments have or are in the process of replacing their standard 80W mercury vapour lights however it is really a big rort caused by our mate the Hawthorn President.
Long story short when the SEC was sold off all street lights (most paid for by councils) was gifted to the private companies who continued to charge energy costs and a fee to maintain and replace the street lights on a regular basis, with the whole light to be replaced every 24 years. Despite councils paying for this not many lights were replaced I know of some that were well over 30 years old ( you can read the date on the 80W MV lights from the ground).
Most councils had to pay hundreds of thousands to the private companies in written down costs to buy the old lights to throw away or recycle and then gift them new LEDs (only the ones that are approved by the private companies for their networks) and continue to pay for maintenance etc. The only benefit was a reduced energy bill which initially cost less but surprisingly in about two years is back to where it was. I think the energy companies call that a win win for them. Reduce their own costs and still make the same amount of money.