Final Vic election push as costs revealed

Billions of dollars in election commitments have been accounted for as Victoria's major parties spruik their credentials to run the state's finances for the next four years.

Labor promised no new taxes to cover the cost of its 81 election commitments but gave no exact timeline for the rollout of cash for more than $5 billion worth of initiatives. 

It now forecasts a budget surplus of $1b for the 2025/26 financial year but gave no figure on projected net debt, with the latest estimate at $165.9b by June 2026.

Labor's financial statement forecast the cost of its policies to be $8.42b, while the coalition's budget impact statement did not state an overall figure.

The document, prepared by the parliamentary budget office, indicates the budget would return to surplus by 2024/25 - a full financial year ahead of Labor.

The coalition also plan to drive down net debt $10.4b lower than Labor by mid-2026 by raiding $10.2b from Victoria's future fund, established following the $7.9b, 40-year commercialisation of VicRoads registration, licensing, and custom plates services.

It came as Liberal Leader Matthew Guy launched a fresh push to attract votes in rural areas, pledging to lower the age at which Victorians can get their driver's licence to 17 if the coalition wins the upcoming state election.

Currently only those 18 and older can get their probationary licence in Victoria. 

The change would bring road rules into line with other states and Mr Guy said it would help young Victorians in remote areas get to work and school.

"It gives Victorian kids the opportunity to have the same chances as every other 17-year-old in Australia," Mr Guy told reporters in Wodonga.

Drivers would still need 120 hours of experience as a learner driver. The change would come into effect from January 2024. 

On Thursday, Labor announced a $22.2 million funding increase to LGBTQI pride events, community organisations and health services if it is re-elected.

The cash would go towards festivals, community radio stations, a pilot program to address the needs of ageing members of the LGBTQI community, and an inclusive workplace program.

A fresh dispute has erupted over the $35b Suburban Rail Loop, which Labor has made one of its signature infrastructure projects but would be scrapped if the coalition wins government. It says it would instead redirect the money towards health.

Victoria's independent parliamentary budget office calculated the cost of building the first two sections of the rail line at $125 billion, more than double Labor's previous estimate for the entire project.

Federal MP Michael Sukkar and Senator Bridget McKenzie have written to the federal parliamentary budget office to request an assessment for the loop, drawing a jibe from the premier.

"This is a bloke who couldn't even build a car park in Victoria," Mr Andrews told reporters on Thursday.

The project has not been assessed by independent agencies Infrastructure Australia or Infrastructure Victoria.

Despite a cloud hanging over its price tag, Mr Andrews said Labor would deliver the project because Victorians voted for it in 2018.

Victoria has allocated $85.3 billion to major projects over four years, which is almost 23 per cent of total government expenditure, according to Infrastructure Partnerships Australia.

Meanwhile, a new Roy Morgan poll is predicting Labor will form government on Saturday night, but with a reduced majority.

The snap SMS poll released on Wednesday night predicts a 2.3 per cent swing away from Labor, but the party still leads the coalition on the two-party preferred vote, 38 per cent to 32.5 per cent.

RedBridge analysis of recent polls shows Labor is likely to win between 41 and 48 seats, with a minority government of 43 seats a strong possibility.