Victoria state budget 2026: state back in black forecasting two back-to-back surpluses
Victoria has recorded a $700 million operating surplus for 2025-26, its first since before the pandemic, with a projected $1 billion surplus for 2026-27. The government highlighted continued investment in public services, while the opposition criticized the exclusion of capital spending from the surplus figures. Net debt is expected to rise but stabilize as a share of the economy at around 25%.
- ▪Victoria recorded a $700 million operating surplus in 2025-26, the first since 2018-19.
- ▪The 2026-27 budget projects a $1 billion surplus, down $943 million from December’s forecast.
- ▪Capital spending is excluded from the operating surplus, with a cash deficit of $9.68 billion estimated for 2025-26.
- ▪Net debt is projected to reach $192.6 billion by 2028–29 but stabilize at about 25% of GDP.
- ▪The government announced over $6 billion in budget commitments, including transport rebates and school and health funding.
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The Victorian treasurer, Jaclyn Symes, has also projected a $1bn surplus in 2026-27, down by $943m on December’s forecast. Photograph: Jay Kogler/AAPView image in fullscreenThe Victorian treasurer, Jaclyn Symes, has also projected a $1bn surplus in 2026-27, down by $943m on December’s forecast. Photograph: Jay Kogler/AAPVictorian politicsVictoria state budget 2026: state back in black forecasting two back-to-back surpluses Labor’s 2026-27 budget shows state has recorded $700m surplus this financial year, first of its kind since before the Covid-19 pandemic Get our breaking news email, free app or daily news podcast Benita Kolovos Victorian state correspondentMon 4 May 2026 15.00 EDTSharePrefer the Guardian on GoogleVictoria is back in black for the first time since the start of the…
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