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13 May 2024
The 2024-25 Victorian State Budget was delivered on 7 May 2024 by Treasurer Tim Pallas.
This year's Victorian Budget centres on relieving cost of living pressures, with a continued focus on improving the healthcare system, boosting education and focusing infrastructure spending on certain projects in Victoria. The Government expects to return to an operating surplus in 2024-25, stabilising net debt as a percentage of its Gross State Product (GSP) for the first time since the pandemic and says it is now focusing on reducing net debt as a proportion of GSP.
The Victorian Government anticipates total revenue in 2024-25 will be $96.1 billion, which is expected to grow by an average of 3.6% per year up to 2027-28. Taxation revenue is forecast to be $39 billion in 2024-25 with annual growth of 5% per year up to 2027-28.
Total general government sector expenditure is expected to be $98.3 billion in 2024-25 and is expected to grow by an average of 2.2% a year, reaching $105 billion in 2027-28.
If you would like to further discuss this alert, reach out to our team or your PwC adviser.
Barry Diamond
George Papadakos
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