‘More surprises to come': What to expect in Victoria's ‘responsible' state budget
The Allan government is set to unveil its state budget on Tuesday, with analysts anticipating debt to hit $188bn by 2028 as the state tries to claw back spending amid a budget blowout.
Premier Jacinta Allan said on Sunday the Victorian public was demanding a 'responsible budget that sets up our state for the future' and relief for the cost-of-living crisis.
Treasurer Jaclyn Symes will hand down her first budget on Tuesday and is anticipated to present a projected $600m operating surplus for the 2025-26 budget.
This would mark the first time the state's balance sheet has been in surplus since the Covid-19 pandemic.
Despite a projected positive balance sheet, the surplus was $900m less than the forecast presented in December last year, the Herald Sun reported.
The surpass will also likely be overshadowed by the cost of government wages and major infrastructure projects, including the Suburban Rail Look, which has prompted the federal government to put the Victorian government on notice.
In the lead-up to the budget release, the Victorian government has announced it would allocate $5bn for public transport, $61m in stamp duty tax cuts, $772m to expand prison capacity in the wake of its updated bail laws, a $976m injection for regional roads and free public transport for seniors and people under 18.
On Sunday night, Ms Symes said there would be 'more surprises to come' but confirmed there were no new or increased taxes.
'The message I heard loud and clear from the business sector, industry sector was no more taxes,' Ms Symes said per the Herald Sun.
'There is nothing in the budget that changes the tax settings tomorrow.
'I am pleased you will not see new taxes in tomorrow's budget.'
However, this does not include the emergency services levy, which was passed through the upper house on Thursday and is intended to increase funds for the State Emergency Services (SES), triple-0 and the state control centre.
Analysis from Victoria's independent Parliamentary Budget Office indicated that nearly $22m in funding or 368 government programs were set to end this year unless Ms Symes announced an extension on Tuesday.
Some of the funding that could find itself on the chopping block includes $2.8m for mental health programs, a $32m Supporting our GPs program and support for alcohol and drug services for Aboriginal Victorians.
On Thursday last week, Ms Allan remained tight-lipped about the programs potentially facing the axe and said the government was 'focused on every dollar being invested in what matters most to working people and families'.
Ahead of the budget update, Ms Symes kept quiet about the forecast net debt of $188bn over the forward estimates but confirmed it would not surpass $200bn.
'The aggregates will be revealed tomorrow,' she said. 'They will not start with a two.
'From here, net debt will continue to fall as a share of the economy, and we will see continued surpluses in the years to come – allowing us to continue to provide services and infrastructure that Victorians need.'
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