Our ten year economic plan.
Our Ten Year Plan to secure Victoria’s economic future. Fix the budget, lower taxes, and bring back accountability and transparency.

Our Plan at a glance.
- Return the budget to cash surplus by 2032
- Reduce the debt and interest burden
- Deliver cost of living relief
- Make Victoria the best place to do business
- Drive investment and jobs
- Payroll tax relief
- Exempt first home buyers from stamp duty up to $1 million
- Land tax relief
- Unlock housing supply and reform planning
- Restore energy security and reduce costs
- Shift infrastructure to local priorities
- Hiring freeze on back office roles to guarantee essential services
A word from Jess.
Victoria is the place I love. But right now, too many Victorians feel like the system is working against them.
After a decade of Labor mismanagement, our state is carrying nearly $200 billion in debt, leaving taxpayers paying $1 million an hour in interest.
Families are paying more, businesses are struggling, and confidence is falling.
This plan is about restoring that confidence. It is about fixing the budget so we can make life easier and grow our economy again.
We will be disciplined. We will be honest. And we will focus on what matters: delivering for Victorians.
Together, we can rebuild this state and restore the promise that Victoria is the best place to build a life.
Jess Wilson MPLeader of the Opposition, Victorian Liberal Leader, Shadow Treasurer and Member for Kew
The goal
Our Plan has one goal: make life easier for Victorians by rebuilding the economy. Not through cuts to essential services. Not through higher taxes. But through better government, stronger growth, and disciplined management.
1. Returning the budget to surplus.
Victoria’s debt is out of control. Interest costs are nearly $9 billion a year, or $1 million every hour.
This is money that should be funding more police, nurses and teachers, more resources for our ambos and firies and building roads, hospitals and schools to match our growing population.
Our Plan returns Victoria to a cash surplus by 2032, stopping debt from rising further and beginning the long process of paying it down. We will do this by:
- Ending Labor’s waste, such as $13 million spent on machete bins and $200,000 on pot plants for the Suburban Rail Loop Authority
- Pursuing the $15 billion funnelled off the Big Build and cleaning up corruption on government projects
- Saving $22 billion by implementing a hiring freeze on back office roles to ensure funding reaches the essential services that Victorians rely on
- Saving $1 billion over the next 10 years by repealing Labor’s Treaty process and First People’s Assembly
- Saving $20 million over a decade by capping excessive public service salaries
- Using windfall revenue to pay down debt, not increase spending
- Fixing infrastructure delivery and ending cost blowouts that have become routine rather than the exception
- Shifting from debt funded megaprojects to local, community focused infrastructure that delivers real value
This is how we reduce debt. Not by asking families to pay more, but by restoring financial discipline and making government work better.
2. Reducing the cost of living.
Victorians are paying more because the budget has been used as an ATM with no limit, racking up debt, while taxes, fees, charges and levies have all increased to fill holes in the budget.
We will reverse that by delivering real, practical cost of living relief:
- Scrapping the Emergency Services Tax on the family home
- Exempting first home buyers from stamp duty up to $1 million
- Land tax relief
- Abolishing the Schools Tax
- Removing the GP Tax
These measures are not giveaways. They are investments in our people, their ability to manage work and family life and to save them time and money.
I am focused on delivering real, immediate and lasting cost of living relief for Victorian families that makes a difference.
When families prosper, the economy prospers.

3. Open and transparent government.
Victorians deserve a government that respects their money, with a Charter of Budget Honesty to restore confidence in public finances.
Our Plan for financial integrity will deliver:
- A legislated Charter of Budget Honesty, requiring governments to deliver clear, accurate financial reports to restore trust in government and ensure financial accountability
- A real time Public Spending Tracker to allow you to see where your money is being spent, giving you confidence that your hard-earned money is being used on the services and projects that matter to you
- A Victorian-first Intergenerational Report to provide a long-term view of our economic health
We will be open and honest and manage your money responsibly.
4. Supporting business to grow our economy.
Victoria must be the easiest and most competitive place in Australia to start and grow a business, because private investment, not government spending, drives long term growth.
We will:
- Deliver payroll tax relief to Victorian businesses
- Reduce the burden of land tax
- Reduce red tape that slows investment and stifles innovation
- Drive investment and jobs
This will unlock private investment, drive job creation, and rebuild confidence in Victoria.
I will make Victoria the easiest and most competitive place in Australia to start and grow a business.
When businesses grow, jobs grow. When jobs grow, communities thrive.
5. Build more homes to make home ownership more affordable.
Housing affordability has collapsed. Young people are being priced out. Families are being pushed further from where they work. And the dream of home ownership is slipping away.
Poor planning has restricted the supply of land and government has been too slow with supporting infrastructure, like roads, sewerage and electricity. We will:
- Exempt first home buyers from stamp duty up to $1 million
- Expand the Capital City Zone to support sensible density
- Release land in growth areas
- Scrap government regulations that are stopping home building in greenfield areas
- Stop the delays in the planning process and set a clear timeframe for approvals
Instead of taxing housing, we will build more of it, restoring the dream of home ownership to support our growing population.

6. Investing in people.
Skills shortages are holding us back. Businesses cannot find the workers they need, leaving industries that should be thriving struggling to expand.
We will:
- Equip Victoria for the future with advanced jobs in manufacturing and technology
- Align training with the needs of industry
- Reintroduce proper Technical Colleges
- Create an Accelerating Apprenticeships Fund
Prosperity depends on skills, and skills depend on a training system that works. That’s why we will reintroduce proper Technical Colleges in Victoria and create an Accelerating Apprenticeships Fund, which will back young Victorians and support businesses to hire more apprentices to address the critical skills shortages.
A strong economy is built not just on infrastructure, but on people.
7. Delivering local infrastructure.
Communities have been left behind while billions were poured into megaprojects that have run over budget and over time, like Suburban Rail Loop, North East Link, and the West Gate and Metro Tunnels.
At least $15 billion in taxpayer funds has been lost, misused, or redirected to bikies and organised crime on Labor’s “Big Build” sites. This “corruption tax” has cost Victorians $5,000 per household.
Labor has also dropped the ball on the basics that matter to daily life: the state of our local roads, congestion, potholes and local services. We will:
- Ensure transparency on every project to deliver value for money
- Introduce an open and honest prioritisation framework
- Focus on local roads, local congestion, and local services
- Ensure Growth Area Infrastructure Contributions are re-invested into the local communities they are raised from
Infrastructure must serve people, not headlines. It must improve lives, not political outcomes.
8. Ensuring energy security.
Reliable, affordable energy is essential for households and businesses. Yet Victoria faces a looming supply gap as older generators retire and new capacity fails to keep pace.
We will:
- Improve grid reliability by establishing an Energy Security Requirement for Victoria
- Deliver Victorian gas for Victorians by throwing open the doors to gas exploration
- Ease cost-of-living pressures and restore energy choice by scrapping Labor’s gas appliance ban
- Establish new Urban Solar Parks
Energy policy must be practical, balanced and focused on reliability. That’s why we will restore energy security, protect consumer choice and manage the transition to renewable energy responsibly, while keeping costs down for Victorian households and businesses.
Without reliable energy, every job, every business, and every household suffers.
We will be disciplined. We will be honest. And we will focus on what matters: delivering for Victorians.
Your questions on the economy.
What is the ten year economic plan?
It is the Liberals and Nationals’ plan to secure Victoria’s economic future: return the budget to surplus, reduce the cost of living, deliver open and transparent government, support business, build more homes, invest in people, deliver local infrastructure and ensure energy security. Read the economic plan.
How much debt does Victoria have?
Victoria’s net debt will reach nearly $200 billion by 2030. Already, Victorians are paying around $1 million in interest every hour.
When will the budget be back in surplus?
The plan returns Victoria to a cash surplus by 2032, stopping debt from rising further and beginning the long process of paying it down.
How will the plan be paid for?
By reducing debt and ending wasteful spending. That includes pursuing the $15 billion funnelled to the CFMEU through an enhanced Royal Commission and new follow the money powers, saving $22 billion with a hiring freeze on back office roles, stopping the $1 billion being spent on Labor’s Treaty process, ending waste like $13 million on machete bins, and fixing infrastructure cost blowouts.
The ten year economic plan returns the budget to a cash surplus by 2032.
Will a Liberal and Nationals Government increase taxes?
No. A Liberal and Nationals Government will guarantee no new or increased taxes. The plan scraps the Emergency Services Tax, the Schools Tax and the GP Tax, exempts first home buyers from stamp duty on homes up to $1 million and lifts the land tax threshold back to $300,000.