Premier Daniel Andrews says the Victorian budget shows the state is responsibly spending less than it is earning.
He told a post-budget breakfast that revenue was growing at 3.4 per cent, while spending was growing at three per cent.
"That gives us a buffer. That gives us some certainty," Mr Andrews said on Wednesday.
Mr Andrews told the assembled business people there was a place for them in helping to find new growth sectors that needed investment.
Treasurer Tim Pallas said net debt as a percentage of gross state product would be brought down from six per cent to 4.4 per cent by 2019.
He said businesses would benefit from Labor's market-led proposal guidelines, which encouraged businesses to come up with public-private partnership plans.
Mr Pallas said this "modern Labor government" believed in asset recycling to unlock funds for new infrastructure.
"It is not in Victoria's best interest to have billions of dollars tied up in existing assets," he said.
Mr Pallas said he expects bipartisan support from the coalition for the sale of the lease of the Port of Melbourne, which will fund Labor's level crossing removal program.
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