The City of Melbourne is investing where it counts – getting the basics right and building a more liveable city in its draft Budget 2026–27.
The $804.8 million draft Budget delivers what the community has told us matters most –keeping our streets safe, clean and welcoming, improving essential services and creating more green open space.
Council is delivering a hat-trick of surpluses, with a $1.2 million surplus forecast for 2026–27, strengthening our financial position so we can continue delivering vital services.
We’re also setting a clear path for the future – reducing debt down to $60 million by the end of the Council term and on track to be debt free by 2032.
After the City of Melbourne delivered a full rebate on the Victorian Government’s 3% rate rise last year, there will be an average 2.75% increase this year.
All ratepayers can apply for support through our Financial Hardship Policy, which includes payment plans and interest-free extensions for rates payments.
For the first-time in eight years, a small increase will be made to on-street parking fees in line with inflation – between 20 and 30 cents per hour during peak and off-peak periods in the CBD. Despite the increase, on-street parking will remain significantly cheaper than off-street options.
A $175 million investment in our capital works program will fast-track new parks and gardens across the city, while building and renewing key city assets.
We’ll continue backing traders as the lifeblood of the Queen Victoria Market, with $35 million towards the ongoing precinct renewal.
This includes opening the new Trader Shed by the end of the year –delivering seven levels of above and below ground, climate-controlled storage, modern amenities and improved facilities, alongside the pedestrianisation of Queen Street to make it easier to move around the market.
We’re backing Melbourne businesses to start, grow and thrive, with $200,000 for Business Precinct Programs and continued support for our Business Concierge service – which has supported more than 83,000 businesses since 2020.
This is alongside new initiatives, including establishing a voluntary co-investment pilot in Docklands and Collins Street to help take their precincts to the next level.
The draft Budget will keep increases to fees and charges low, while expanding free programs and support for our community.
For the second year in a row, we’ll offer free fitness classes in the park, alongside $2 weekday summer pool entry for residents and free summer swim lessons for a third consecutive year.
Residents can also access a range of free and low-cost programs – from children’s story time and reading in our libraries, to creative tech in our makerspaces, and sport and life-skills programs for young people across our recreation centres.
Feedback on the draft Budget 2026–27 can be provided on Participate Melbourne from 6pm on Tuesday 31 March until 6pm on Tuesday 28 April.
After a special FMC meeting to consider community feedback on Tuesday 12 May, the final Budget is expected to be adopted by councillors at a Council meeting on Tuesday 26 May.
