‘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.'
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Sydney Morning Herald
an hour ago
- Sydney Morning Herald
‘Buyers aren't mucking around': Cottage sets price record at lightning-fast auction
'They bought this one in 2013 and paid just $450,000. But now, with interest rates coming down, we can expect to see more of this energy. Buyers aren't mucking around.' Smith said most of the bidders were first and second-home buyers, with the house getting 125 inquiries and more than 40,000 digital views throughout the campaign. He added that the home's entry-level sweet spot and proximity to Stones Corner and its popular cafes made it a buyer magnet. The home was one of 145 scheduled auctions across Brisbane over the past week. By Saturday evening, Domain Group recorded a preliminary auction clearance rate of 42 per cent from 112 reported results, while 26 auctions were withdrawn. Over in Kenmore, a last-second bidding twist rewrote the end of an already-heated auction. The meticulously renovated home at 15 Rothesay Street sits on a 764-square-metre block and boasts dual living – attracting eight registered bidders, of which two were active. Bidding opened at $1.6 million with the two parties offering up $25,000 and then $5000 bids, until the auction paused at $1.9 million. It was then that selling agent Deron Wang, of Brisbane Real Estate, secured $1.92 million from the lead bidder on a 30-day settlement – which the vendors accepted. But just as the hammer was about to fall the underbidders swooped back in. 'They said: 'I'll give you $2 million if you give me a 120-day settlement',' Wang said. 'The owner immediately said yes, I mean, it was a no-brainer. Then the other bidder countered with a $1000 bid and the underbidder topped it again.' The home sold for $2,002,000. 'We didn't even see this kind of thing during COVID frenzy,' Wang said. 'The vendors were so stoked, they had agreed to $1.92 million and were ready to celebrate.' Wang said the winning buyer, an owner-occupier from Wishart, needed the longer settlement to sell their existing home. He added that most buyer interest for the home came from families in their 30s to 50s. In Kedron, a cheekily marketed home boasting 'dead quiet neighbours' due to its cemetery backdrop sold under the hammer for $2.2 million after a bidding duel between two buyers. The five-bedroom, three-bathroom residence at 5 Bloxsom Street sits on a 683-square-metre block and was newly built over the past eight months, featuring two levels, 5.6-metre ceilings, a pool and a luxe master suite. Selling agent Caleb Mayberry of Ray White said the vendor – a first-time developer – bought the block in 2014 and only last year decided to knock down the original home and build a bespoke family residence. 'I got to work closely with him on the design. He wanted to create something that ticked every box – and the feedback throughout the campaign was incredible,' Mayberry said. 'Buyers weren't put off at all by the cemetery. They instead viewed it as an opportunity to buy well as the location gave it that element of affordability. 'And it meant you had dead quiet neighbours.' Bidding kicked off at $1.5 million and moved quickly before the home sold bang on the reserve. Mayberry said the street was tightly held and popular with families due to its proximity to schools. AMP Capital chief economist Shane Oliver said Brisbane's property market was holding steady, with interest rate cuts adding fuel.
The Age
an hour ago
- The Age
‘Buyers aren't mucking around': Cottage sets price record at lightning-fast auction
'They bought this one in 2013 and paid just $450,000. But now, with interest rates coming down, we can expect to see more of this energy. Buyers aren't mucking around.' Smith said most of the bidders were first and second-home buyers, with the house getting 125 inquiries and more than 40,000 digital views throughout the campaign. He added that the home's entry-level sweet spot and proximity to Stones Corner and its popular cafes made it a buyer magnet. The home was one of 145 scheduled auctions across Brisbane over the past week. By Saturday evening, Domain Group recorded a preliminary auction clearance rate of 42 per cent from 112 reported results, while 26 auctions were withdrawn. Over in Kenmore, a last-second bidding twist rewrote the end of an already-heated auction. The meticulously renovated home at 15 Rothesay Street sits on a 764-square-metre block and boasts dual living – attracting eight registered bidders, of which two were active. Bidding opened at $1.6 million with the two parties offering up $25,000 and then $5000 bids, until the auction paused at $1.9 million. It was then that selling agent Deron Wang, of Brisbane Real Estate, secured $1.92 million from the lead bidder on a 30-day settlement – which the vendors accepted. But just as the hammer was about to fall the underbidders swooped back in. 'They said: 'I'll give you $2 million if you give me a 120-day settlement',' Wang said. 'The owner immediately said yes, I mean, it was a no-brainer. Then the other bidder countered with a $1000 bid and the underbidder topped it again.' The home sold for $2,002,000. 'We didn't even see this kind of thing during COVID frenzy,' Wang said. 'The vendors were so stoked, they had agreed to $1.92 million and were ready to celebrate.' Wang said the winning buyer, an owner-occupier from Wishart, needed the longer settlement to sell their existing home. He added that most buyer interest for the home came from families in their 30s to 50s. In Kedron, a cheekily marketed home boasting 'dead quiet neighbours' due to its cemetery backdrop sold under the hammer for $2.2 million after a bidding duel between two buyers. The five-bedroom, three-bathroom residence at 5 Bloxsom Street sits on a 683-square-metre block and was newly built over the past eight months, featuring two levels, 5.6-metre ceilings, a pool and a luxe master suite. Selling agent Caleb Mayberry of Ray White said the vendor – a first-time developer – bought the block in 2014 and only last year decided to knock down the original home and build a bespoke family residence. 'I got to work closely with him on the design. He wanted to create something that ticked every box – and the feedback throughout the campaign was incredible,' Mayberry said. 'Buyers weren't put off at all by the cemetery. They instead viewed it as an opportunity to buy well as the location gave it that element of affordability. 'And it meant you had dead quiet neighbours.' Bidding kicked off at $1.5 million and moved quickly before the home sold bang on the reserve. Mayberry said the street was tightly held and popular with families due to its proximity to schools. AMP Capital chief economist Shane Oliver said Brisbane's property market was holding steady, with interest rate cuts adding fuel.
The Age
an hour ago
- The Age
Honouring Scott Morrison makes a mockery of awards system
We learnt a lot about Scott Morrison after he was dismissed by Australian voters in May 2022. We continue to learn more, none of it good. And now, the worst insult to all Australians, Morrison is a King's Birthday recipient of a Companion of the Order of Australia, the highest honour in the land. Unlike most honours lists, this one hasn't been a secret. Crikey broke the embargo as soon as they received the list. It's a thing they do. Want a list of the many transgressions Morrison committed against Australians? Let's begin with the most recent – his secret appointment to key ministries during COVID-19. Legal but fundamentally undermining of the principles of responsible government. At least that's what our Solicitor-General found. As immigration minister under PM Tony Abbott, Morrison overrode medical advice and in turn made it harder for an asylum seeker in offshore detention to access an abortion. This was part of a policy that hampered asylum seekers in offshore detention from accessing medical treatment in Australia. The breathtaking breadth and depth of the cruelty of robo-debt. The cold-bloodedness of his comments about the COVID-19 vaccine rollout – apparently it wasn't a race until it was. And that was on top of what we already knew about him. Apparently, he had to talk to his wife and daughters to clarify the need for further action against sexual harassment and sexual assault. He told women of Australia they were lucky to be able to demonstrate in peace and safety. He embarrassed everyone, even his own colleagues, when he said: 'I don't hold a hose, mate' during the Black Summer bushfires. Careless? Or callous? News of Morrison's honour devastated me. I've been writing about honours since Gaia was a girl (in those early days of my career, this was a suitable topic for a girl reporter). I've written about the good ones and the bad ones, I've endlessly written about the disproportionate number of men, the disproportionate number of people from wealthy postcodes, the fact that some of our most brilliant First Nations citizens are left off the list. I've berated the number of people who get these awards – which should be our most valuable accolades – just for doing their jobs. Mostly, it's been about how terrible the choices are, and how they bear nearly no connection with the real life of courageous Australians. Time after time, someone gets a gong who really, really shouldn't. It takes a criminal conviction for an honour to be removed. Even people who are paedophile sympathisers get a gong and get to keep a gong. But the award to Scott Morrison absolutely takes the cake for poor judgment and bad timing. Let me first say that each and every former prime minister has one of these to pin to their lapel. And each and every one of those people has made bad decisions that harmed Australians.
