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

Premier Jacinta Allan (right) and treasurer Jaclyn Symes, who says she ‘could have elected to have a larger surplus for tomorrow’s budget. But what we did is choose to back Victorians’. Photograph: Joel Carrett/AAP

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.