Dubbed "Delivering for all Victorians", the state budget is doing just that, but more debt and the property downturn makes delivering a bit of a tightrope act
The biggest surprise of Victorian Treasurer Tim Pallas's fifth budget was there were no big surprises.
As Mr Pallas and Premier Daniel Andrews said repeatedly in the lead up to Monday's budget: there will be a surplus, election promises will be delivered and debt will increase while interest rates are low.
On Monday the budget delivered just that, including a surplus of $1 billion. A year earlier they'd hoped the 2019/20 outlook would contain a $2 billion surplus but a slowing property market caused a $5.2 billion writedown across the coming four years.
Dubbed "Delivering for all Victorians" the budget sets about doing just what it says on the box, delivering Labor's election promises - new hospitals, roads, solar panels and more.
But Mr Pallas will have to become adept at walking a tightrope. There will be pressure on the books with less property tax revenue and more than doubling debt to nearly $55 billion to pay for big-ticket items like the North East Link road and level crossings, combined with growing public sector expenses.
The squeeze was flagged by S&P Global Ratings on Monday who noted there will be little room in the operating margins.
Spending big on much-needed infrastructure, creating jobs along the way was a winning formula for the Andrews government at the November state election.
The government insists it doesn't need to change that formula just yet.
But if the global economy slows further, a risk highlighted in the budget papers, along with slowing in the national economy and housing market, the government will have to do more than look for public sector "efficiencies" and taxes on the top-end of town to stick to their plan.