Labor loses $1bn from Victoria’s upcoming budget surplus in favour of ‘practical’ cost-of-living relief

Treasurer Jaclyn Symes says budget will prioritise frontline services and cost-of-living measures over bigger savings

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The Victorian treasurer says the state will record a surplus $1bn smaller than forecast just months ago in exchange for providing families with cost-of-living relief, as she vowed the budget won't include any new taxes.

Jaclyn Symes has announced that Tuesday's budget will include a $600m projected operating surplus for 2025-26 - Victoria's first since the pandemic. This figure is $1bn shy of the estimated surplus touted in December's mid-year budget update.

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