'Easier. Safer. More affordable': All the winners and losers from this year's Victorian budget

The Victorian government has unveiled its pre-election budget, delivering its first operating surplus in seven years under the promise of "a household with a bit more room at the end of the week".

Treasurer Jaclyn Symes commended her second budget to parliament today, committing to lowering cost-of-living pressures on families and shrinking Victoria's debt as a percentage of the economy over the forward estimate.

In her address, Symes acknowledged financial security no longer comes down to working hard and vowed to provide "real help, right now".

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"For a long time in this country, there's been this basic deal," Symes said.

"That if you work hard, do the right thing, and look after your family... you'll have the opportunity to build a decent life.

"But for too many Victorians, particularly families, that basic bargain no longer feels secure."

With nearly all of the commitments announced in the lead-up to budget day, surprise sweeteners were nowhere to be seen.

State debt continues to loom as a razor-sharp thorn in the Allan government's side as Labor vies to secure a fourth term in November.

Net debt is expected to nudge $200 billion by the 2029-30 financial year.

Here are the winners and losers of this year's Victorian budget.

Winners

Households

This year's budget pledges "a cheaper trip to work. A lower rego bill. A child getting to school for free. A family saving money on dental care, glasses, kinder or energy bills".

Victorians can claim a 20 per cent cash back on vehicle registration, providing up to $186 back per driver, in a mammoth $750 million spend.

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Commuters will continue to benefit from free public transport until the end of the month, before fares are halved for the remainder of the year.

Public transport fares will also continue to be waived for children, under an initiative announced in last year's budget and effective from January 1.

Some $100 million has been thrown at more bus services across pockets of the state, and $673 million will go towards bringing in 25 new X'Trapolis 2.0 trains.

Students

Families can continue to access free kinder for their little ones.

More than $760 million has been pledged for new or expanded schools, with another $294 million for upgrades of existing facilities.

That's expected to encompass four new school builds, 31 school upgrades and funding for three new TAFE centres.

Students with disabilities will be assisted with $2.2 billion for improved accessibility, additional specialist staff and teacher training.

Hospitals

A suite of hospital announcements includes $95 million to open the upgraded Werribee Mercy Hospital Emergency Department, which will help treat 25,000 more patients.

Some $44.8 million will be allocated to the redeveloped Angliss Hospital.

The long-awaited Pakenham Community Hospital will receive $19 million to support its opening.

Another $87.2 million will go towards the Cranbourne, Pakenham and Craigieburn hospitals to open or expand services.

The government has thrown $95 million to open the upgraded Werrribee Mercy Hospital ED, allowing treatment of 25,000 more patients every year.

Sick Victorian children will be supported by a $50.1 million commitment to fund 4000 additional planned surgeries.

The state will endeavour to deliver 45,000 more specialist clinic appointments for kids, at a cost of $16 million.

Motorists

A record $1.04 billion cash splash will go towards rebuilding, repairing and resurfacing roads across Victoria.

The government has committed to fixing 200,000 potholes and the same number of graffiti tags.

More than two-thirds of those funds will target regional Victoria.

Home buyers

Today's state budget extends a discount on stamp duty for Victorians buying off-the-plan apartments, units and townhouses for another six months, at a cost of $32.7 million.

That scheme was due to expire in October, two years after it was announced, but will now apply to contracts signed before April 21, 2027.

The deal allows buyers to deduct construction costs from the total value of their property, which is used to calculate stamp duty.

Losers

Local Councils

As the treasurer unveiled her budget to media this morning, a crowd of angry council workers was protesting pay and conditions on the steps of parliament.

Budget figures show local councils received $800 million less than expected in government grants last year, casting doubt on the union fight for better pay and conditions.

Petrol vehicle drivers

Petrol prices in Victoria are predicted to average $2.30 per litre in the June quarter, before declining to around $2 per litre by the end of 2026, according to the budget papers.

"This incorporates Commonwealth, state and territory government initiatives to lower the retail price of petrol, notably by reducing fuel excise duty from 1 April to 30 June 2026," the budget papers read

Those figures indicate a hike at the bowser in the coming months, will the reduced fuel excise currently soothing prices to around $1.80 per litre for unleaded.

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Debt levels

Despite the government proudly declaring its first post-pandemic operating surplus, debt continues to grip the state.

Net debt is expected to nudge $200 billion by the 2029/30 financial year.

That would create an interest bill of $32.38 million every single day, up from $18.59 million in the 2024/25 financial year.

Debt currently makes up 24.9 per cent of the economy in the 2026/27 financial year, which the government plans to shrink to 24.4 per cent by the end of the decade.

Project blowouts are also hampering the state's efforts to drive down debt.

Today's budget also failed to reveal the impact of Labor's promise to spend an extra $11.5 billion on the Suburban Rail Loop.

The $34-billion project is supposed to be equally funded by the state, the Commonwealth and 'value capture.'

But in January the government committed to funding that final third through "up-front debt" which will be recouped over 40 years via localised taxes, raising major concerns over potential interest implications.

The cost of redeveloping seven public housing towers in Albert Park, Flemington, Kensington, North Melbourne, Prahran and St Kilda has grown by $344 million.

Yet, Symes was adamant the state's debt meant "building productive infrastructure" and supporting economic growth.

Taxpayers

The government has boasted "no new taxes" this year, but the budget's statement of finances shows tax revenue is set to soar to record levels.

The state raked in $38.9 billion in taxes in the 2024/25 financial year. That number is set to surge to $50.2 billion in 2029/30.

Of that, Victorians are expected to pay $1.39 billion more in property taxes by 2029-30 and $512 million more on vehicle registrations.

Goods and services taxes will increase by $2.8 billion before the end of the decade, up from $15.89 billion in 2026/27 to $18.69 billion in 2029/30.

Those figures suggest taxation will grow at a much faster rate than the overall economy.

Public sector wages will balloon by $4 billion over the forward estimates, despite government efforts to give spending in the sector a haircut by reducing non-frontline service roles.

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