The snapshot, released by the Department of Treasury and Finance on Friday, showed a $4.2b increase in net debt over the six months to December 31.
The rise was attributed to increased government borrowings to fund its infrastructure program, although that was offset by payments coming in for the VicRoads partial privatisation.
The finance department noted there was "strong growth" in the Victorian economy because the ratio of net debt to gross state profit dropped from 19.4 per cent to 18.2 per cent over the six-month period.
Total revenue also rose to $39.9b in the six months to December, accounting for 49 per cent of the revised full-year budget estimate.
Spending was down to $44b in that 2022 period because some pandemic-related business and community support measures ended.
Expenses in the six months to December accounted for 48 per cent of the revised full-year budget estimate.
Treasurer Tim Pallas said the latest financial snapshot showed Victorians had every reason to be confident about the future.
"These results show the investments we made to protect lives and livelihoods during the pandemic have paid off for workers and businesses across the state," he said in a statement.
"Our economy is robust and resilient, and the fiscal recovery plan in place for more than two years now is working."
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