2023-24 State Budget

The 2023-24 State Budget was delivered on Tuesday 23 May 2023. The Budget papers are split into five sections and are supported by Budget Information Papers.

Treasurer’s Speech

Budget Paper No. 1: Treasurer’s Speech commends the Appropriation Bills to Parliament and outlines the budget to Parliament and Victorians.

It commends the Appropriation Bills to Parliament and provides the Treasurer with an opportunity to outline the budget to Parliament and Victorians.

2023-24 State Budget - Treasurer's Speech (PDF, 1.1 MB)

2023-24 State Budget - Treasurer's Speech (DOC, 370 KB)

Strategy and Outlook

Budget Paper No. 2: Strategy and Outlook outlines the State's current and expected economic and financial performance and outlines the Government's fiscal and economic strategy.

It provides an economic and fiscal overview, and describes the budget position and outlook for the general government sector as well as the broader public sector.

2023-24 State Budget - Strategy and Outlook (PDF, 1.5 MB)

2023-24 State Budget - Strategy and Outlook (DOC, 370 KB)

Service Delivery

Budget Paper No. 3: Service Delivery provides an overview of the goods and services funded by the Government. It also details how these are delivered by departments, and how these support the Government’s strategic objectives.

It outlines the Government’s priorities for the services it provides and sets out the costs of the services for Victorians. It includes a breakdown of all output funding with associated performance targets.

2023-24 State Budget - Service Delivery (PDF, 3.7 MB)

2023-24 State Budget - Service Delivery (DOC, 1.1 MB)

State Capital Program

Budget Paper No. 4: State Capital Program, describes the Victorian Government's asset investment program.

It provides an overview of the investments that departments and government-controlled entities will deliver in the coming financial year. It also includes capital programs and projects currently under way or in progress, and lists projects expected to be completed in the coming year.

2023-24 State Budget - State Capital Program (PDF, 2.2 MB)

2023-24 State Budget - State Capital Program (DOC, 580 KB)

Capital Investment Dashboard

The Capital Investment Dashboard gives an overview of major capital projects in Victoria, as reported in Budget Paper 4: State Capital Program (BP4) from 2015-16 to 2024-25. Data is not included from 2020-21, as BP4 was not published that year.

View the Capital Investment Dashboard.

Statement of Finances

Budget Paper No. 5: Statement of Finances (including Quarterly Financial Report No. 3) provides the financial details of the aggregated Victorian general government sector and the broader Victorian public sector.

In addition to the estimated financial statements and notes to the accounts, it includes the supplementary uniform presentation framework tables, with chapters on state revenue, tax expenditure and concessions, contingent assets and liabilities and the public account.

2023-24 State Budget - Statement of Finances (PDF, 3.4 MB)

2023-24 State Budget - Statement of Finances (DOC, 3.5 MB)

Budget Overview

The Budget Overview summarises the State’s economic and fiscal outlook, and the Government’s strategic priorities and objectives.

It contains the Treasurer’s message, information about the Government’s investments and plain-English summaries of budget decisions.

2023-24 State Budget - Budget Overview (PDF, 6.4 MB)

2023-24 State Budget - Budget Overview (DOC, 250 KB)

Gender Equality Budget Statement

The 2023-24 State Budget includes a range of initiatives demonstrating the Victorian Government’s commitment to equality for all Victorians.

2023-24 State Budget - Gender Equality Budget Statement (PDF, 4.1 MB)

2023-24 State Budget - Gender Equality Budget Statement (DOC, 240 KB)

COVID Debt Repayment Plan

To help pay off the debt and accumulating interest incurred as a direct result of the pandemic, we’re introducing a new COVID Debt Repayment Plan.

It builds on the work of the Victorian Future Fund (VFF), introduced in last year’s Budget, to help manage the COVID debt.

2023-24 State Budget - COVID Debt Repayment Plan (PDF, 1.4 MB)

2023-24 State Budget - COVID Debt Repayment Plan (DOC, 420 KB)

Each year, the Victorian Government produces a mid-cycle review of the annual State Budget.

Budget Update

The 2023-24 Budget Update was released by the Treasurer on 15 December 2023.

The report provides revised estimated financial statements relative to the previous Budget, including the projected outcome for the end of the current financial year and revised estimates for the forward years.

2023-24 Budget Update (PDF 4.67 MB)

2023-24 Budget Update (WORD 684.63 KB)