Treasurer Jaclyn Symes fronted Victoria's business community on Wednesday after delivering her second state budget, headlined by a net debt projection of $199.3 billion by 2030.
With little to sell to business, she left the door ajar to repeal Victoria's much-loathed COVID debt levy earlier than expected.
The levy is on the books to slug large businesses and landlords until 2033 to pay down $31.5 billion in COVID era debt.
"In relation to those settings, if we achieve what we set out to achieve earlier, then that's definitely a conversation worth having," she told the Victorian Chamber of Commerce and Industry's annual post-budget lunch.
The chamber's chief executive Sally Curtain criticised the budget for not tackling debt or shoring up businesses in a tough economic climate.
"Confidence is fragile, investment has softened," she said.
"The cumulative impact of taxes and regulation is weighing heavily, particularly as other states and countries compete hard for investment."
Treasury expects Victoria to post operating surpluses totalling $6.8 billion over the next four years but forecasts more than $30 billion in cash deficits in that span.
Since the mid-year budget update, spending initiatives totalling $13.8 billion have been added over the next five years and $607 million in savings were found.
Ms Symes said she had kept her word on a commitment to no new taxes and others were only increasing in line with inflation.
"This is a much skinnier budget in new spending than last year," she said.
"Delivering a surplus is something that is precious ... it means that we are living within our means."
Former productivity commission chair Michael Brennan, head of independent think tank e61 Institute, said the budget did not fundamentally change Victoria's economic outlook.
"The basic metrics are largely as they were - continued cash deficits, continued rise in net debt in dollar terms," he told AAP.
"It was a budget that was very similar to recent budgets. Not really a course correction."
The budget forecast Victoria's economy to grow by 1.5 per cent this financial year, followed by two per cent in 2027/28 and 2.5 per cent over the following two years.
Annual inflation is slated to peak at 3.5 per cent in 2026/27 despite the Reserve Bank raising the cash rate to 4.35 per cent just hours after the budget was handed down.
Mr Brennan acknowledged the challenge Victoria confronted in making financial assumptions before Tuesday's federal budget and with uncertainty surrounding the war in the Iran.
"It would be harsh to criticise them for inaccurate forecasts," he said.
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