In the 2020/21 Budget we set out a 4-step strategy to manage the recovery from the COVID-19 pandemic, and we’ve added a fifth step since.
Victoria’s fiscal strategy
✔ Step 1: Creating jobs, reducing unemployment and restoring economic growth.
✔ Step 2: Returning to an operating cash surplus.
✔ Step 3: Returning to operating surpluses.
➔ Step 4: Stabilising net debt levels as a proportion of GSP.
➔ Step 5: Reducing net debt as a proportion of GSP.
We remain on track to deliver an operating surplus of over $700 million in 2025-26, $1 billion in 2026-27, increasing to $2 billion in 2029-30.
This means we continue our commitment to deliver Step 3 of the strategy this year.
We’re on the way to achieving Steps 4 and 5 of the strategy too, with net debt falling as a share of the economy from 2026-27 onwards.
Updated