Steve Bracks narrowly won the state election called by Kennett in September 1999 and appointed Brumby as Minister for Finance, Assistant Treasurer and Minister for State and Regional Development.
Brumby formed part of the core leadership team of senior ministers in the new government along with Bracks, Deputy Premier John Thwaites and Attorney-General Rob Hulls.
Bracks initially served as treasurer as well as premier, assisted by Brumby who was responsible for Victoria's finances and most of the workload of the Treasury portfolio.
On 22 May 2000, Brumby was appointed state treasurer.

As treasurer, Brumby presided over a period of steady economic growth in Victoria, and his economic management was given some of the credit, along with the personal popularity of Bracks, for Labor's landslide re-elections in 2002 and 2006.
Brumby ensured that the Labor Government maintained a budget surplus.

During 2004 Brumby was criticised by the state Liberal opposition for sharp increases in the rate of land tax in Victoria, which was criticised by many for potentially threatening the viability of many small businesses.
Land tax rates were cut in the 2005 state budget.
Faced with a choice of having to fund road infrastructure at the expense of development of Victoria's schools, hospitals and public transport, Brumby decided to impose a toll on the new Scoresby Freeway (later known as EastLink) in eastern Melbourne.
The decision, which broke a 2002 pre-election promise, provoked a hostile response from the Liberal Opposition and local community groups as well as causing the (Liberal) Federal Government to withhold its share of the funding for the project.
Steve Bracks narrowly won the state election called by Kennett in September 1999 and appointed Brumby as Minister for Finance, Assistant Treasurer and Minister for State and Regional Development. Brumby formed part of the core leadership team of senior ministers in the new government along with Bracks, Deputy Premier John Thwaites and Attorney-General Rob Hulls. Bracks initially served as treasurer as well as premier, assisted by Brumby who was responsible for Victoria's finances and most of the workload of the Treasury portfolio. On 22 May 2000, Brumby was appointed state treasurer.
As treasurer, Brumby presided over a period of steady economic growth in Victoria, and his economic management was given some of the credit, along with the personal popularity of Bracks, for Labor's landslide re-elections in 2002 and 2006. Brumby ensured that the Labor Government maintained a budget surplus.
During 2004 Brumby was criticised by the state Liberal opposition for sharp increases in the rate of land tax in Victoria, which was criticised by many for potentially threatening the viability of many small businesses. Land tax rates were cut in the 2005 state budget. Faced with a choice of having to fund road infrastructure at the expense of development of Victoria's schools, hospitals and public transport, Brumby decided to impose a toll on the new Scoresby Freeway (later known as EastLink) in eastern Melbourne. The decision, which broke a 2002 pre-election promise, provoked a hostile response from the Liberal Opposition and local community groups as well as causing the (Liberal) Federal Government to withhold its share of the funding for the project.
John Brumby