Unexpected windfalls and a recovering property market have contributed to a $4.7 billion improvement to Victoria’s bottom line, but Treasurer Jaclyn Symes is still dipping into a discretionary fund she has promised to review.

The Allan government on Wednesday released its report into the 2024-25 financial year, assessing how the economy and budget performed compared with expectations.

Treasurer Jaclyn Symes said Victoria was on track to deliver a budget surplus from 2025-26. Credit: Justin McManus

That document shows the state’s net debt for 2024-25 was $150.9 billion, $4.7 billion lower than the figure Treasury forecast it would be in May.

This was largely driven by a better-than-expected cash result, the amount the government is spending compared with how much it is receiving fro

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