Touted by the government as a ‘responsible’ budget to address the cost of living, the budget has delivered a net operating surplus of $611 million.
The budget promises support for regional Victoria across roads and transport, education, healthcare and businesses.
The government has put forward $320 million to make public transport more accessible across the state, with free public transport for seniors on weekends. Under-18s will also get free public transport across Victoria from January 1 next year.
There is further cost-of-living support provided to services like Foodbank and Foodshares across the state, including a $6 million doubling of support for Foodshares in Albury-Wodonga, Geelong, Bendigo, Shepparton, Mildura and Warrnambool.
The government will also invest $859 million into providing free kinder for 3 and 4-year-olds across Victoria.
Joint management of the Barmah National Park, in partnership with the Yorta Yorta people, will receive an injection of $8.4 million.
In a win for road users, the government will funnel $976 million towards resurfacing and maintenance works across the state.
Meanwhile, net debt sits at about $155.5 billion. That number is projected to grow to $167.9 billion in 2025-26, and will balloon to $194 billion by June 2029.
Consultancy PricewaterhouseCoopers projects that the net debt to Gross State Product ratio, a metric of state debt against the size of Victoria’s economy, will reach 25.2 per cent in 2027 before falling to 24.9 per cent in 2029.
Victorian Premier Jacinta Allan said the government’s budget was focused on what matters most – delivering real help with the cost of living, backing frontline services and staff, and ensuring that every dollar makes a real difference to families in regional Victoria.
“From free PT for kids to support for those doing it hardest – this is a budget that delivers real help when it matters most,” Ms Allan said.
“I know the real difference our frontline services make to regional communities – that’s why we’re investing more in our regional hospitals, schools, road and rail.”
It comes amid a fiery backlash from farmers and CFA volunteers against the government’s Emergency Services and Volunteers Fund, which is expected to raise $1.6 billion in its first year from July 1.
State Member for Ovens Valley Tim McCurdy called the government’s $611 million net operating balance a “surplus on paper only”, lashing the state’s growing debt and cash deficit of $9.9 billion.
“Victoria is sinking deeper into debt because of Labor's financial incompetence,” Mr McCurdy said.
“Services are failing, regional investment is drying up, and the debt is out of control.”
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