2025-26 Victorian Budget Highlights
Victorian Treasurer Jaclyn Symes has announced a rare budget surplus for Victoria, alongside a suite of cost-of-living initiatives aimed at easing financial pressures on families.
The 2025–26 Victorian Budget does not include any new taxes. However, legislation passed prior to the Budget’s release will introduce the Emergency Services and Volunteers Fund (ESVF) from 1 July 2025, replacing the Fire Services Property Levy. The ESVF will be collected via council rates notices.
Business
- $627 million to support business growth, attract investment, and strengthen Victoria’s economy.
- $150 million for the Victorian Investment Fund to grow key sectors, including a $50 million regional stream to support economic growth and job creation across regional Victoria.
- $35 million for programs offering tailored advice and support to small and medium businesses, including assistance with export growth and navigating international trade challenges.
- Support for trade missions and expert guidance to help businesses access international markets and grow their customer base.
- $3 million for the Small Business Toolkits Program, offering workshops, webinars, one-on-one advice, and self-guided learning for small business capability development.
- $1 million for the Boosting Business Skills Mentoring program, providing mentoring to up to 1,000 small business owners in priority sectors.
- Ongoing reform to progressively abolish stamp duty on commercial and industrial properties, with over 3,700 properties already transitioned to the new system.
- Businesses are projected to pay $457 million less in stamp duty between 2025–26 and 2028–29.
Skills and Training
- $459 million to equip Victorians with skills for future opportunities.
- $171 million to support up to 20,000 Victorians to access training and retraining through Free TAFE.
- $121 million for the TAFE Services Fund, supporting student completion, asset maintenance, and job pathways.
- $44 million to create 9,600 student places in digital literacy and employability training at Learn Local providers and 8,000 places annually in literacy and numeracy programs at TAFEs.
- $23 million to improve the apprenticeship system and support apprentice and trainee completion rates.
- $18 million to pilot Aboriginal Community Controlled vocational education and training models, aiming to improve First Nations completion rates and workforce participation.
- $9.3 million for scholarships and professional development for TAFE and Adult Education teachers to maintain high-quality training delivery.
Families – cost of living
The 2025-26 Victorian Budget allocates $2.3 billion for new and expanded cost of living measures, including:
- $320 million to provide free public transport for Victorians under 18 every day and for seniors on weekends across the state.
- $18 million to expand the role of pharmacists in treating more health conditions, aiming to reduce the need for some GP visits.
- $50 million for a new $100 Power Saving Bonus, targeted at households most in need.
- $859 million to continue delivering Free Kinder, saving families up to $2,600 per child annually.
- $152 million to support families with costs for school camps, sports and excursions.
- $15 million to provide more than 65,000 additional Get Active Kids vouchers from 2025–26.
- $18 million for food relief to assist vulnerable Victorians.
- Nearly $900 million for additional cost of living relief initiatives.
Public Services
The Budget also includes significant investment in public services:
- $11.1 billion for healthcare, including the operation of nine new or expanded hospitals such as the new Footscray Hospital and redevelopments in Frankston and Maryborough.
- $727 million to commence operations of the Metro Tunnel, enhancing services on the Sunbury, Cranbourne and Pakenham lines, plus an additional $99 million for broader network service improvements.
- $976 million allocated for road repairs and resurfacing in 2025–26 through the Better Roads Blitz.
- $4.1 billion, jointly with the Commonwealth Government, for the Sunshine Station Transport Superhub – a key step in the Melbourne Airport Rail project.
- $2.7 billion for education infrastructure and teacher support.
- $1.6 billion for justice system enhancements, including $727 million to implement new bail laws.
You can read about the Budget in more detail on the Budget website, and if you have any questions on how the changes may affect you or your business, please contact your accountant.
