But the updated budget figures will show predictions for stamp duty collections have been slashed by $285 million for 2012-13, with a loss of almost $1.2 billion over four years.

Although the government is expecting to receive an extra $86 million in GST revenue this year over its budget predictions, over four years it faces a loss of $30.5 million in GST collections.

Since the Coalition came to power in late 2010, estimates of GST collections have been downgraded by an extraordinary $6.1 billion over four years, while stamp duty forecasts have been cut by almost $2.7 billion.

The budget update will warn that solid economic growth has not brought the revenue gains normally expected, in a sign that Victorian households are paying back debt rather than spending amid ongoing worries about the global economy.

The Victorian government is one of the only two jurisdictions in Australia - the other is Western Australia - still consistently predicting budget surpluses, allowing it to maintain its AAA credit rating and underpinning a political strategy that involves building up a war chest to pay for infrastructure without resorting to extra debt.