Infrastructure, jobs tipped for Vic budget

Victoria will deliver new infrastructure and jobs when Treasurer Tim Pallas unveils his state budget on Wednesday.

Many of the budget's highlights have been released - including the $2.9 billion surplus - but Mr Pallas says there is more to come.

"There is an opportunity now to demonstrate to Victorians that this government is going to make very substantial investment in infrastructure," Mr Pallas told reporters on Tuesday.

Mr Pallas said the state's balance sheet had been under-used to get infrastructure built.

"We will leverage it to build the infrastructure today that Victorians have been looking for, for too long, to assist them in being able to get to work, connect with their communities, being able to access education and their health requirements," he said.

"Building infrastructure is a key component of our jobs strategy."

Potential projects could include fully funding the $11 billion Melbourne Metro Rail project, or building the missing northeast link of Melbourne's outer freeway network.

Already announced is $596 million for 400 new police, $572 million to tackle family violence, and $335 million to boost elective surgeries.

Foreigners buying houses in Victoria will also be hit with increased taxes, but Mr Pallas ruled out any other tax increases above CPI.

"There will be no further tax increases other than those I've announced up until now," he said.

Opposition Leader Matthew Guy said the increase to the brown coal excise would jack up power prices.

"(And) if the government is going to tax foreign owners, then rent is going to increase," Mr Guy told reporters.

Mr Pallas said housing affordability policy work was still going on, so it would be addressed later in the year and not in Wednesday's budget.

Along with the $2.9 billion surplus for 2016-17, Victoria is predicting more than $9 billion in surpluses across the forward estimates.

Mr Pallas said expenditure growth had been kept at 3.3 per cent, while revenue growth sits at 3.4 per cent.

The previous government also booked more than $5 billion for the future sale of the Port of Melbourne, now tipped to go for up to $7 billion.