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Victoria’s 2025-26 Budget Delivers $600M Surplus with Cost-of-Living Focus

The state’s first surplus since the pandemic is paired with targeted relief measures and public sector reforms as debt projections climb.

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Treasurer Jaclyn Symes will hand down her first state budget on Tuesday. NewsWire / Andrew Henshaw

Overview

  • Victoria’s 2025-26 budget projects a $600 million operating surplus, $1 billion lower than forecast in December due to increased cost-of-living spending.
  • Key relief measures include free public transport for under-18s on Sundays and seniors on Saturdays, alongside expanded support for families and schools.
  • Net debt is forecast to peak at $187.3 billion by 2028, with interest costs expected to rise significantly over the coming years.
  • The budget implements $3.3 billion in public sector savings, including reducing up to 3,000 jobs following recommendations from the Helen Silver review.
  • Major investments include $5 billion for public transport, $976 million for regional roads, and $11.1 billion for health services and infrastructure upgrades.