Treasurer Tim Pallas released Labor's financial statement at the Australian Nursing and Midwifery Federation in Melbourne on Thursday, two days out from polling day.
It shows Labor now forecasts posting a budget surplus of $1 billion for the 2025/26 financial year - $135 million higher than the pre-election budget update.
"Labor's election commitments are fully funded without privatisation, increasing net debt or introducing new taxes," Mr Pallas said.
He said Labor would pay for its 81 election commitments by drawing down on offsets, including cracking on tax avoidance and reducing labour hire and consultant costs.
All up, Labor's election initiatives total $1.6b on jobs, $4b on health, $2b on transport, $934 million on education, and $275m on fairness.
But at least $5.86b of those promises have no precise timeline for the allocation of funding over the forward estimates to 2026/27, including plans to build to a new Queen Elizabeth Hospital at Maroondah in Melbourne's outer east.
Mr Pallas said it took "substantial time" to work out the rollout of funding for major projects like hospitals.
"It won't be done in five minutes but it will be done. The government will go about it diligently and consistently and it will get delivered," he said.
Other measures without specific funding allocations for financial years include Labor's $1b-plus hospitals plan for Melbourne's north, $601 million earmarked for more regional train services, and $44m set aside for more PET scanners in hospitals.
Asked about the scanners, Mr Pallas said the lack of a timeline for funding didn't indicate the project wouldn't be delivered in those years.
"It essentially means that we've identified the total cost and when it's actually applied will be subject to continuing discussion," he said.
"But we've allocated that cost within the forward estimates period so it will be spent in that timeframe. It's essentially (that) how it's rolled out in the forward estimates is yet to be determined."
The state's total expenditure is expected to increase by 0.4 per cent a year over the forward estimates, Mr Pallas said.
The coalition is expected to release their policy costings later on Thursday and have flagged net debt will be significantly lower than under Labor.
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