TT-Line Vessel Replacement Bill to protect Spirits from Labor raid

The tabling today of the TT-Line Vessel Replacement Fund Bill will ensure Tasmania is well placed to meet the future replacement cost of the Spirits, and importantly protect the funds we are setting aside for new ships from a raid by any future Labor government like they did with the Superannuation Provision Account.
We now pay more than $270m annually and it’s rising, to meet the costs of the defined benefit superannuation scheme – because Labor and the Greens couldn’t stick with a long term plan. This is money that as a result is not available for frontline services.
Not only is the Government planning for the future, our focus on increasing passenger numbers on TT-line is working.
Last financial year, passenger numbers increased to 418,831, an incredible 27 per cent increase in a period of just three years while TT-Line’s after tax profit was $18.8 million, the second highest profit after-tax result achieved by the company.
By the Government setting a clear and sensible direction for the TT-Line which focused on their core business, the private sector has responded and we now have SeaRoad Shipping’s new roll-on roll-off freight vessel for Bass Strait service coming onto the route – an investment of more than $110m and a vote of confidence in Tasmania.
The Hodgman Government has a long term Plan for Tasmania, which includes TT-line and we are getting on with implementing it.
We have brought the Budget back into balance years ahead of our plan, we have set a strong and sensible direction for the TT-Line and we are committed to ensuring that the business can deliver the next generation of ships when they are required and importantly that the State can pay for them.
Peter Gutwein, Treasurer