No, public sector project costs balloon because of risk. The public sector has every desire to reduce costs (but not cut costs) — political motivation, saving money for other projects, etc, but the projects they take on are 1. Huge/complex, and 2. Underbid on. There's a case for lazy public sector workers, but remember, safety standards have to be taken most seriously by the public sector, MOL is setting the standards so they should be following them after all.The problem with public sector is their lack of profit-drivers. A business gets things done efficiently because they have to keep a constant eye on returns - if something gets bloated, it gets cut back.
Public sector is instead result-focused. The goal is set out at the outset - say, build a transit line, and costs accumulate to reach that framework set out at the start. Some bloating gets cut to control spending, but often the initial goal is politically motivated and has a poor return. And when costs do get cut, they focus on lower the capital expenditure, not how to keep costs in line while still delivering a quality product that will sell.