Overview

• The 2024-25 operating deficit came in at $2.6 billion, an $800 million improvement on May’s forecast and down from $4.2 billion a year earlier.
• Net debt was $150.9 billion, $4.7 billion lower than expected in May, with debt measured at 23.7% of GSP, 0.8 percentage points better than forecast.
• Receipts were boosted by an extra $2.1 billion in taxes year on year, including $827 million more in stamp duty from stronger home sales, plus gains in the Victorian Future Fund and Homebuyer Scheme and favourable asset valuations.
• State spending increased by $6.7 billion, and the government drew $10.9 billion from treasurer’s advances, including $8.2 billion for contingencies and $2.6 billion for new post‑budget decisions.
• Uses of the advances included a $1.5 billion hospital funding package and $3.2 billion for Big Build works, prompting renewed criticism over transparency as the treasurer maintains the state is on track for a 2025-26 surplus.