Victoria’s inaugural female treasurer, Jaclyn Symes, has presented her first budget for 2025-26, marking a significant shift as the state returns to surplus for the first time in five years. This “responsible and practical” financial plan prioritises support for families dealing with rising living costs, allocating nearly one-third of the budget to healthcare and children’s services.
The budget refrains from introducing new taxes or increasing existing ones, but it does not offer substantial relief for those not holding concession cards or parenting responsibilities. In her speech to Parliament, Symes emphasised the careful choices made in crafting the budget, which results in an operating surplus of $600 million—much lower than the originally anticipated $1.5 billion. This reduction aligns with a commitment to prioritise support for Victorians.
Despite a projected increase in the surplus to $1.9 billion in the following year, the state’s net debt is projected to reach $155.5 billion by June 2025, potentially escalating to $194 billion over the next four years. Land tax is set to bring in $7.6 billion in the 2025-26 fiscal year, part of an overall taxation revenue forecast of $41.7 billion.
Significant investments in healthcare comprise $11.1 billion, with a major focus on hospitals, mental health services, and emergency response improvements. Specific allocations include $9.3 billion for hospitals, $497 million for mental health, and $643.3 million for the redevelopment of nine hospitals across the state, including areas like Footscray and Geelong. Furthermore, $18 million is earmarked to allow pharmacists to treat various conditions independently.
Infrastructure initiatives are prominent, with a $976 million commitment to a “Better Roads Blitz” aimed at repairing roads statewide, alongside a $727 million investment for upgrades in the Metro Tunnel project. Additionally, $4.1 billion will be allocated to rebuild Sunshine Station and facilitate the long-awaited Airport Rail.
To encourage public transport usage among youth, $320 million will fund free public transport for children, while seniors holding a Seniors Card can also enjoy complimentary travel on weekends. The budget extends the Free Kinder program at a cost of $859 million, benefiting families with young children.
Educational support sees $1.5 billion dedicated to new schools and maintenance, alongside $15 million for extra Get Active Kid vouchers, aimed at helping families with sport-related expenses.
Moreover, the budget includes significant law enforcement upgrades, with $1.6 billion directed at strengthening bail laws, and an additional $727 million for prison and youth justice centre capacity. There’s also a continued stamp duty concession for off-the-plan properties, alongside a $50 million initiative offering a $100 Power Saving Bonus for eligible households.
Overall, this budget reflects a targeted approach to fiscal responsibility while addressing key community needs amid ongoing economic challenges.