[7] Following the defeat of the Kirner government by the Liberal leader Jeff Kennett in late 1992, Bracks became executive director of the Victorian Printing Industry Training Board.

Bracks was immediately elected to Labor's front bench, as Shadow Minister for Employment, Industrial Relations and Tourism.

On election night, much to its own surprise, Labor increased its seat count from 29 to 41, with the Liberals and their National Party allies retaining 43, and three falling to rural independents.

However, two of the independents, Russell Savage and Susan Davies, felt Kennett had given them short shrift in the previous legislature, and would not have even considered supporting him.

Bracks then advised the Governor, Sir James Gobbo, that he could form a government, which was duly sworn in later that day.

However, in 2006 the Victorian Auditor General noted that in spite of $750 million spent, "We found that the delivery of more frequent fast rail services in the Geelong, Ballarat, and Bendigo corridors by the agreed dates was not achieved.

"[9] On 14 December 2000, Steve Bracks released a document outlining his government's intent to introduce the Racial and Religious Tolerance Act 2001.

On 28 August 2002, Bracks, in conjunction with his then New South Wales counterpart, Bob Carr, opened the Mowamba aqueduct between Jindabyne and Dalgety, to divert 38 gigalitres of water a year from Lake Eucumbene to the Snowy and Murray rivers.

Colourful Victorian National Party leader Peter Ryan was quoted as saying that Bracks had killed "The Man from Snowy River" (although the poem was about mustering horses, not cattle – a practice which was stopped in the high country just after World War 2.)

Bracks' second government achieved one of Victorian Labor's longest-held goals with a complete reform of the state's system for electing its upper house.

This system increases the opportunity for minor parties such as the Greens and DLP to win seats in the Legislative Council, giving them a greater chance of holding the balance of power.

The election campaign was a relatively low-key affair, with the Government and Bracks largely running on their record, as well as their plans to tackle infrastructure issues in their third term.

Liberal attacks concentrated on the slow process of infrastructure development under Bracks (notably on water supply issues relating to the severe drought affecting Victoria in the election leadup), and new Liberal leader Ted Baillieu promised to start construction on a range of new infrastructure initiatives, including a new dam on the Maribyrnong River and a desalination plant.

On 25 November 2006, Steve Bracks won his third election, comfortably defeating Baillieu to secure a third term, with a slightly reduced majority in the Lower House.

It was revealed that then Federal Labor Leader Kevin Rudd was informed only minutes before the announcement, and tried to talk Bracks out of his decision.

It has been suggested that the resignation of Premier Bracks sowed the seeds for abortion law reform by legislation that parliamentarians previously had refused to support, fearing a backlash from anti-abortion groups led by veteran campaigner Margaret Tighe.

[20] In August 2007, following his resignation as Premier, Bracks announced he would provide a short-term pro bono advising role in East Timor working alongside the newly elected Prime Minister Xanana Gusmão.

[21] Bracks was to spend a year travelling between Melbourne and Dili helping with the establishment of Gusmão's administration, the key departments that would need to be involved, and advising on how they would be accountable and reportable to the legislature.

The KPMG appointment was controversial, as the Victorian government had awarded the firm over 100 contracts during Bracks' time as Premier.

[24] On 14 February 2008, the Federal Labor Government appointed Bracks to head an inquiry into the ongoing viability of the Australian car industry.

[26] In recognition of his distinguished services to the Victorian community, he was awarded the degree of Doctor of Laws (honoris causa) – LL.D (h.c.) by Deakin University on 27 April 2010.

At the time, the shadow Foreign Minister, the Deputy Liberal leader Julie Bishop, described the appointment as "inappropriate" because of the proximity to the upcoming election and "arrogant" because of a lack of consultation with the then-opposition.