Not quite. Myki and paper ticket fares are set by PTV/the DTP under the jurisdiction of the state government. They generally only increase in line with inflation once yearly. Fare revenue is then split up amongst the companies, which I believe is a preset percentage for metro and Yarra trams, and just based on patronage for the rest (but don't quote me on that).

I suppose in a roundabout way we do pay through it, since the operators receive a set rate as part of their contract to deliver services, as well as a small part of Myki revenue, but it isn't really being passed along - more like they get the same amount they always would've, but now less goes back to corporate and the shareholders. They aren't a charity, so would never run the network at a loss, it's just that instead of making, say, $100,000,000 per year in profit, now they'll only make $75,000,000 per year in profit