The Victorian government will sell unused public land and form a body to oversee investment in the state.
The measures are part of a 70-point economic action plan that Premier Ted Baillieu says is designed to strengthen the state's economic position.
"This is an economic reform agenda to lift productivity, attract new investment and generate jobs," Mr Baillieu said on Friday.
The government last week forecast a $137 million surplus for 2012/13 but said $1 billion had been wiped from the state's bottom line since the May budget, announcing measures to claw back $750 million in revenue over four years.
Mr Baillieu said Victoria is one of only two states in Australia forecasting budget surpluses over the forward estimates and maintained that a surplus was achievable.
"It is our aim, we believe it is important. It's our target and we believe it is achievable," he told reporters.
"Nevertheless there are always risks but we believe it's achievable and we think it's important to build budget capacity."
The federal government has dropped its commitment to return the budget to surplus in 2012/13.
"Walking away from a surplus is not a budget strategy. Running consecutive and consistent deficits is not an economic strategy," Mr Baillieu said.
"We have been urging the commonwealth to make sure they get their house in order.
"They haven't had a surplus at all. What they've done is accumulated massive, massive debts and that is a risk for all governments."
The economic plan includes establishing Major Investments Victoria, a body dedicated to attracting investment to the state.
"The government is pursuing major new initiatives to drive growth, investment and jobs for the long-term benefit of all Victorians," Mr Baillieu said.
He said there was a suite of surplus land that had been identified for sale but the processes in place for handling it had been slow.
"A lot of that land is laying dormant and unused.
"There has been an audit undertaken and that is continuing and those parcels of land will be brought to market in a refreshed way."
Parcels of VicTrack land around railway assets and dormant schools are among those already identified for sale.
Mr Baillieu would not estimate how much the land might be worth.