M-Tram (stylised as M>Tram) was a tram operator in Melbourne, Australia. Formed in October 1997 as Swanston Trams, a business unit of the Public Transport Corporation, it was privatised in August 1999 becoming a subsidiary of National Express. In December 2002 National Express handed the franchise in, with the State Government taking over until negotiations were concluded for Yarra Trams to take over in April 2004.