Labor is fighting for working people and growing the economy despite global economic headwinds.
The 2025-26 Annual Financial Report published today shows a surplus, a growing economy, and more jobs.
State final demand - a key indicator of overall economic activity - grew by 3.0 per cent in 2025-26.
This was driven by strong growth in business investment - up 6.2 per cent.
Labor's plan is also creating new jobs.
ABS data shows 35,000 new jobs were created over the year to June 2026, extending the gains of recent years.
More than 3.8 million Victorians were employed in June 2026.
The report shows the state recorded an operating surplus of $2.4 billion in 2025-26 - the largest since 2016-17.
This surplus was $1.7 billion higher than the $727 million estimated in the Victorian Budget 2026/27.
Net debt was $4.7 billion lower than estimated in the Victorian Budget 2026/27, with a total net debt of $160.7 billion as of 30 June 2026.
Net debt as a share of the economy was also lower than forecast - 24 per cent of GSP, compared with a forecast of 24.7 per cent.
The share of the working-age population in work is high, female participation reached a record level in 2025-26, and wages grew by 3.2 per cent.
Labor is carefully reducing infrastructure investment - this was down to $20.5 billion in 2025-26.
The Carroll Labor Government has made billions in savings in the new financial year by wrapping up duplicative agencies, reducing spending on consultants and executives, and making sensible changes to the Suburban Rail Loop.
All three credit rating agencies have recently reaffirmed Victoria's credit rating.
As stated by Treasurer Colin Brooks:
"While there are challenges in the global and national economy, the Victorian economy remains resilient."
"Victoria's economic success is at stake - Jess Wilson's Liberal-One Nation coalition have a $40 billion cuts plan that will be a sledgehammer on growth, jobs and prosperity."
As stated by Minister for Finance Enver Erdogan:
"We are treating every taxpayer dollar with respect while also backing Victorians with real cost of living help."
"A surplus, a growing economy, and more jobs - that's what Labor delivers."
