Victoria’s Debt Set to Hit $165 Billion This Year—And What Else Is in the Budget

The budget also includes record health spending and cost of living measures.

Victorian Premier Jacinta Allan at the Melbourne West Police Station in Melbourne, Victoria, Australia on July 31, 2025. AAP Image/Joel Carrett

Victorian Treasurer Jaclyn Symes has delivered the state’s final budget before the 2026 election forecasting a net debt of $165.3 billion in June 2026.

The budget’s Statement of Finances revealed Australia’s second most-populous state’s debt is on track to reach $175.6 billion by June 2027, and a predicted $199.3 billion by 2030.