No new taxes to fund Labor poll promises

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Victorian Labor has ruled out funding its campaign commitments by introducing new taxes.

Treasurer Tim Pallas released Labor’s financial statements to the Australian Federation of Nurses and Midwives in Melbourne on Thursday, two days before Election Day.

It shows that the Labor Party is now forecasting a budget surplus of $1 billion for the financial year 2025/26, which is $135 million more than the pre-election budget update.

“Labour’s campaign pledges are fully funded with no privatization, increased net debt or introduction of new taxes,” Mr Pallas said.

Labor will spend $1.6 billion on jobs, $4 billion on health, $2 billion on transportation and $934 million on education initiatives, the statement said.

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