NSW Trains and the Australian Rail Track Corporation were charged with breaching the state's rail safety laws after the XPT passenger train came off tracks north of Melbourne on February 20, 2020.
Experienced driver John Kennedy, 54, and rail worker Sam Meintanis, 49, were killed, while eight passengers were seriously hurt and 58 others sustained minor injuries.
NSW Trains and the ARTC in February pleaded guilty over the derailment, with their sentences handed down in the Melbourne Magistrates Court on Wednesday morning.
The offences can carry a maximum fine of $1.5 million, but the highest penalty available in the magistrates court is a $413,000 fine.
Eight passengers were seriously hurt and 58 others had minor injuries. (David Crosling/AAP PHOTOS)
Magistrate Brett Sonnet on Wednesday ordered NSW Trains pay $150,000, while ARTC has been fined $375,000.
Both train operators were also convicted.
The passenger train had been travelling from Sydney to Melbourne when it was diverted through the Wallan loop track because signalling was down on the normal route.
Instead of entering the loop section at the required 15km/h, the train was travelling at speeds of between 114km/h and 127km/h.
Prosecutor Sally Flynn KC previously told the court excessive speed caused the derailment, due to several factors including an inadequate risk assessment by the ARTC about the train's diversion.
Mr Kennedy was not aware before he began his train driving shift about changes to the route and there was no caution or speed signs to warn him as he approached.
In his brief sentencing remarks, Mr Sonnet noted Mr Kennedy tried to apply the emergency brakes in the seconds before the train derailed.
He said there was no doubt that decision stopped the tragedy from being even worse.
"(Mr Kennedy) should be remembered for that," the magistrate said.
Mr Sonnet also noted the statements from Mr Kennedy's wife Jenny and Mr Meintanis' partner Naomi Bruce, saying one couldn't helped but be moved.
Mrs Kennedy waited more than four hours before someone could confirm her husband had been killed.
She previously told the court the confusion and lack of communication made an already horrible situation unbearable.
Ms Bruce said her life changed forever when she lost her lover, best friend, confidante and supporter.
Both NSW Trains and the ARTC publicly apologised, through their lawyers, to the families of the victims during the plea hearing.
Mr Sonnet made note of their apologies and said their guilty pleas were taken into account for sentence.
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