Victoria, Australia, has returned to surplus for the first time since the COVID-19 pandemic, with the state budget for 2025-26 reporting an operating surplus of $700 million. This is an improvement from previous forecasts and marks a significant turnaround from the fiscal challenges faced during the pandemic. Treasurer Jaclyn Symes has projected a $1 billion surplus for the following year, despite acknowledging a cash deficit of $9.68 billion for 2025-26. The budget includes over $6 billion in commitments for various sectors, notably $1.6 billion for school infrastructure and substantial funding for healthcare services. Premier Jacinta Allan emphasized the importance of balancing debt reduction with providing cost-of-living relief to residents. However, opposition leader Jess Wilson has criticized the government for not addressing the underlying infrastructure spending needs, arguing that the reported surplus does not reflect the true financial situation. The budget is the last before the upcoming state election in November.