Budget process in Victoria

The Victorian Government sets out its spending priorities in the annual State Budget. Each year, Ministers consider proposals for spending initiatives from their portfolios. Ministers submit these proposals to the Cabinet’s Expenditure Review Subcommittee.

This subcommittee decides which initiatives will be funded, and how much money will be allocated to them. 

The process runs from October to March each year. 

Once the subcommittee has made its decisions, the Department of Treasury and Finance prepares the budget papers. 

The budget’s proposed spending is documented in the annual Appropriation Bill, which the Treasurer introduces to Parliament – traditionally in May. The budget papers are released on the same day.

When Parliament passes the annual Appropriation Bill, it grants the Government permission to spend public money on the items in the budget.  

The Government also produces a mid-cycle review (Budget Update), which provides revised estimates and projected outcomes. This is usually released in December each year. 

The State Budget is made up of several documents

Budget website

The State Budget website tells you about the Government’s priorities. It has an interactive map that lets you see where in Victoria spending initiatives will take place. 

Use this website if you want to explore the budget initiatives happening in your community, and find out about the Government’s investment priorities. 

Budget Overview

The overview summarises Victoria’s economic outlook, and provides a snapshot of the State’s finances. 

Use this document if you want a short overview of Victoria’s finances, and the Government’s strategic priorities and objectives. 

Budget paper no. 1: Treasurer’s Speech

This is the text of the speech the Treasurer makes to commend the Appropriation Bill to Parliament. The speech also outlines the main budget expenditures. 

Use this document if you want to understand the budget’s high-level goals and key initiatives. 

Budget paper no 2: Strategy and Outlook

This document describes the State’s economic and financial position. It outlines the Government’s priorities for investing in services. 

Use this document if you want to understand Victoria’s economy and the State Government’s financial position. 

Budget paper no. 3: Service Delivery 

This document describes the goods and services provided by Victorian Government departments, and how these support the Government’s strategic objectives. 

Use this document if you want a breakdown of spending and performance targets for each department. 

Budget paper no. 4: State Capital Program

This document describes the Victorian Government’s asset investment program. 

Use this document if you want to see a breakdown of the capital investments that departments and government-controlled entities will deliver in the coming financial year.

Budget paper no. 5: Statement of Finances

This document provides the financial details of the Victorian government sector as a whole. 

Use this document if you want to find out about state revenue, tax expenditure and concessions, contingent assets and liabilities and the public account. 

Budget information papers

The budget information papers provide additional detail about the Government’s priorities. The focus of these documents changes from year to year. 

Use these documents if you want to find out about how the Government’s strategic priorities affect particular issues, populations or regions of Victoria. 

Budget media releases

The Government releases a series of media statements highlighting how the budget will affect each portfolio area. 

Use these documents to see how the budget will affect the portfolio that you’re interested in. 

Online state budget datasets

We release financial information and macroeconomic indicators in Excel spreadsheets. 

Use these datasets if you want to examine key financial and macroeconomic datasets used in the budget papers. 

Reviewed 03/05/2022
Was this page helpful?