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Victorian State Budget 2025/26: Key Takeaways

On 20 May 2025, the Victorian budget for the 2025/26 financial year was handed down by the Victorian Treasurer, Jaclyn Symes.  The budget proposes a surplus of $600 million and was described by the Treasurer as a “responsible budget”.

From a tax reform perspective, no new taxes were announced in the State Budget.

The Treasurer has acknowledged that many Victorian families “are doing it tough”. 

In recognition, the Treasurer has stated that they will be providing cost relief measures, including:

  • The provision of a $100 power saving bonus for those households that hold a concession card.
  • The provision of free public transport for children under the age of 18 and free public transport for seniors on weekends (effective from 1 January 2026).
  • A further 12-month extension (to 21 October 2026) of off-the-plan stamp duty concessions that were first introduced by the Victorian Government in the 2024 year. Under the concessions that will now exist until 21 October 2026, off-the-plan duty concessions are available for the purchase of any apartment, townhouse or unit of any value and are available to all taxpayers irrespective of whether the purchase represents their principal place of residence or their first home.
  • While not specifically announced in the State Budget, the replacement of the Fire Services Levy with a new Emergency Services and Volunteer Fund Levy has garnished much attention. The new levy is higher than the previous Fire Services Levy and is calculated based on the capital improved value of the taxpayer’s landholding.

Contact us

If you have any further questions relating to how the Victorian State Budget might affect you, contact your usual BG Private advisor or contact our Tax Advisory Partner Tim Olynyk on +61 3 9810 0700 or

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