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The 2025-26 Victorian State Budget was announced by Treasurer Jaclyn Symes on Tuesday 20th May 2025.

With the title “Focused On What Matters Most”, the budget outlined cost of living support and investment in frontline services.

The numbers at a glance:

• $2.3 billion in cost-of-living help 

• $320 million to deliver free public transport for under 18s and free statewide public transport for seniors on weekends 

• $50 million to deliver a new $100 Power Saving Bonus 

• $18 million to enable pharmacists to treat more Victorians and more conditions 

• $2 billion in early childhood education 

• $1.5 billion for new and upgraded schools 

• $727 million to switch on the Metro Tunnel 

• $976 million to fix potholes and resurface roads 

For Individuals and Families

• Energy Bill Relief: Low-income households will receive targeted assistance to alleviate energy costs. 

• Free Public Transport  

• All children under 18 will have access to free public transport across Victoria, benefiting over a million young Victorians. 

• Seniors will benefit from free public transport on weekends throughout the state. 

• Support for School Activities:  An allocation of $152.3 million to the Camps, Sports and Excursions Fund will provide $400 per eligible student, enhancing access to extracurricular activities.  

• Continued Free Kindergarten: An additional $859 million investment ensures the continuation of free kindergarten programs, potentially saving families up to $2,600 annually per child. 

• Expanded Role for Pharmacists: $18 million will be invested to enable pharmacists to treat more Victorians and more conditions helping reduce pressure on GPs and saving families time and money. 

For Businesses

• No New Taxes Introduced: The budget maintains a stable tax environment, with no new taxes imposed on businesses. 

• Investment in Infrastructure: Significant investments, including a $4 billion redevelopment of Sunshine Station and $727 million for the Metro Tunnel, aim to boost economic activity and create opportunities for businesses.  

• Support for Workforce Development: Allocations of $203 million for nursing and midwifery training and $159 million for teacher recruitment will address skill shortages and support employment.  

Economic and Fiscal Outlook

• Operating Surplus: A modest operating surplus of $600 million is projected for the year, indicating a cautious approach to fiscal management.  

• Rising Net Debt: Net debt is expected to increase from $155.5 billion in mid-2025 to $194 billion by 2029, highlighting ongoing fiscal challenges.  

• Public Sector Adjustments: The government plans to reduce approximately 1,200 public service positions, focusing on back-office roles and redundant programs, to achieve cost savings.  

For a more detailed breakdown of the budget, you can visit the official Department of Treasury and Finance website or Victorian Government Budget website. 

If you have specific questions about how these announcements may affect your personal finances or business, please contact us for advice.