The Budget overview summarises the state’s economic and fiscal outlook, and the Victorian Government’s strategic priorities and objectives. The Strategy and outlook paper outlines the state's current and expected economic and financial performance and outlines the Government's fiscal and economic strategy. The Budget is focused on making life easier, safer and more affordable.

The Budget is split into five budget papers and is supported by Budget Information Papers.

Papers

1. Budget paper 1: Treasurer’s speech
2. Budget paper 2: strategy and outlook
3. Budget paper 3: service delivery
4. Budget paper 4: state capital program
5. Budget paper 5: statement of finances

Key points

• In 2025–26, Victoria’s economy is expected to grow by 1.75% in real terms.
• Employment is forecast to increase by 1.50% in 2025–26.
• Inflation increased in the second half of 2025, nationally and in Victoria. 
• From 2026–27, net debt as a share of the economy is projected to fall.
• In the short term, national and global economic headwinds are resulting in heightened cost-of-living pressures, especially for Victorians on lower incomes.
• A budget surplus of more than $700 million is confirmed for 2025–26.
• Government infrastructure investment is projected to be $21.4 billion in 2025–26.

The Budget is provided with a Department performance statement 2026–27 and a Gender equality budget statement.