Tasmanian Times

The individual has always had to struggle to keep from being overwhelmed by the tribe. If you try it, you will be lonely often, and sometimes frightened. No price is too high for the privilege of owning yourself. ~ Friedrich Nietzsche

The individual has always had to struggle to keep from being overwhelmed by the tribe. If you try it, you will be lonely often, and sometimes frightened. No price is too high for the privilege of owning yourself. ~ Friedrich Nietzsche

John Lawrence

What to look for in Lara’s Mid-Year Financial Report

Premier Giddings releases the Mid-Year Financial Report later today. The following are five things to look for:

1. For 2013/14 do government’s cash outlays still exceed cash inflows? How long will this continue?

2. The government survived 2012/13 by cutting the capex budget. Does the revised budget for 2013/14 include further downward revisions of capex amounts (infrastructure, roads etc)? How long can this continue?

3. As the Auditor General confirmed yesterday, the government has survived by internally borrowing amounts received for other purposes, the Royal Hobart Hospital for example. Does the Mid Year update confirm a rise in the level of internal borrowings?. What is the expected figure as at 30th June 2014.

4. When will we be able to start repaying the internal borrowings? In other words when will cash receipts exceed cash outlays?

5. Have the capex outlays relating to the Royal Hobart Hospital ($500 million+) been rescheduled? Or is the upgrade still on track?

• Giddings: Modest election spending needed in response to Budget challenge

• Department of Treasury and Finance, Revised Estimates Report 2013 – 14 (including December Quarterly Report), February 12, 2014. (Pdf)

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12 Comments

12 Comments

  1. Russell

    February 18, 2014 at 1:47 pm

    Re #11
    That just about sums it up.

  2. Lost at Sea

    February 18, 2014 at 12:52 am

    Number 10.. I’m in that 23%. I take my politics reasonably seriously, but I feel like I’m standing in front of an all you eat buffet that didn’t pass the food safety code.. All the options are undesirable. I’ll probably throw a sympathy vote to the left.. Not in support, but out of a misplaced loyalty to what could have been. And spend the rest of the election weekend feeling seedy..

  3. David Obendorf

    February 13, 2014 at 5:06 pm

    23% of a sample of 1000 Tasmania [EMRS Tasmania February 2014 poll] still don’t know who to vote for!

    Are those 230 out of 1000 respondents so disgusted with local politics that they will say to all candidates: ‘You don’t deserve to be voted for – not in my name’.

    EMRS February 2014 stats: 16% Labor, 14% Greens, 39% Liberals, 5% PUP, Independents 3% and a massive 23% [b]undecided[/b].

    Does the undecided levels represent a protest against politicians?

    And how obedient (or scared) will voters get? Will they come back to their ‘old time political religion’

    Who will you vote for in March 2014?

  4. Leonard Colquhoun

    February 13, 2014 at 1:10 pm

    Totally, utterly and abso-bloody-lutely disagree with Comment 7’s “Oh but no we forget they are born to rule”.

    But will agree that today’s politicians are certain that they are “credentialed to rule”, with a “How many degrees have you got?” attitude to their voters.

  5. Geoff

    February 13, 2014 at 11:31 am

    From the look of it they are handing out a fair bit of money to support different sectors of the community. So those that are getting a bit will complain that it’s not enough, and those that get nothing will complain about that, and nobody will be happy.

    The mainland doesn’t have great employment numbers, and the only reason things look good over there is due to a mining boom that is now fading. The GFC didn’t have much visible impact because of that boom, but now that it’s winding down things are going to look a lot worse.

    Does anyone really think giving the business community free reign is going to solve our problems? The Liberal’s ideology is to get government out of the business of caring for people and into the business of caring for business. Businesses wont employ more people if they can get away with employing fewer. They wont pay higher wages if they can pay lower. They wont reduce profit margins if they can increase them.

    So privatising assets is not a solution that will benefit the community, nor is cutting services, nor is reducing their taxes. What will benefit the community is getting big business to pay their fair share of costs, of taxes, and of compensation. The resources tax and the carbon price were steps in the right direction that are now to be undone. The results of scrapping them will be reduced funding to the country as a whole, and increased costs on the community, as we foot the bill supporting the profits of these companies.

    The budget might look pretty grim, but it could look a whole lot worse. Imagine if all the income producing assets had been sold off and the government was trying to subsidise people’s water and power as the now private owners pushed for increased profits?

  6. Pete Godfrey

    February 12, 2014 at 8:17 pm

    #4 Ben Quinn, remember that the Mersey Hospital is actually Federally funded, it does not actually cost the state money. Similarly the stupid statements of Will Hodgman that they can cut the fox task force back and save $30 million. The Fox task force is also funded federally.

    So in fact they will save nothing.

    Yes the Sale of things has been a disaster and one of the main players is trying to get back into the hall of mediocrity now.

    How much could we have done with decent selling prices for
    The Royal Derwent Hospital
    Brighton Army Base
    The old Launceston Hospital.

    Then they could have saved heaps by not bothering to do pie in the sky studies on where to put a new Hobart hospital when they knew that they would never have the money to build it anyway.

    Of course they could save a heap by sacking the lackies they call advisers and just spend some time talking to real people about what they need from government.

    Oh but no we forget they are born to rule.

    Why would they ask us.

  7. Sue DeNim

    February 12, 2014 at 6:28 pm

    I’m looking for a fix to the Bass Strait shipping costs, someone tackling crippling public indemnity insurance so we can have some real adventure tourism here and opting to relinquish more control to local representatives and doing away with the entire state parliament ministry to save massive $ but somehow I don’t think I’m going to find it.

  8. Mike Bolan

    February 12, 2014 at 5:57 pm

    Items not to look for….

    Claim of personal responsibility for Tasmania’s decline.

    A clear connection between Giddy Giddings thoughts and the real world of Tasmanians.

    Recognition of opportunities lost under her tenure.

  9. Ben Quin

    February 12, 2014 at 5:48 pm

    As John Lawrence has consistently pointed out, Tasmania is only as “broke” as it allows itself be.

    Under consecutive administrations, the State has squandered money with sloppy decisions on major issues with barely a whimper from the opposition of the day – the Hobart airport sale for example.

    We have traded off infrastructure spending, capable of generating improved and new economic activity for unwarranted service spending, simply to garner votes. The Mersey hospital and non-closure of unviable schools as examples.

    We have continued to provide direct and indirect public subsidies to prop up unviable industries and failed business models. The forestry industry and health industries as examples.

    We have too many local governments dragging on the public purse whilst providing inefficient services.

    No party standing at the coming election has provided a viable plan for improving the State’s revenues.

    No-one is accountable, it seems. Just a jolly lovely time here for good ole boys and party hacks.

  10. Barry

    February 12, 2014 at 10:07 am

    Why hasn’t this report got an apology from Lara attached

  11. TGC

    February 11, 2014 at 11:45 pm

    Is this evidence that Tasmania is broke and also the case that there are no signs of any significant opportunities for substantial capital investment into this State in any near future?

  12. mike seabrook

    February 11, 2014 at 3:46 pm

    canning wilkies new hospital (as promised to him by the fed lab-greens in return for his votes) & looting of the feds cash for other purposes such as hand outs & non repayable unsecured loans to select ??? looks the way to go.

    bit hard for some businesses if their business competitors get “free cash” & they don’t.

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