Media release – Guy Barnett, Treasurer, 10 February 2025

2024-25 Revised Estimates Report released

The 2024-25 Revised Estimates Report released today forecasts increased investment in Tasmania’s essential services, in particular our health system amidst rising demand.

Treasurer, Guy Barnett, said despite the challenges of meeting that demand, I am committed to delivering a surplus by 2029-30.

“The Report reflects additional health expenditure of $345 million,” the Treasurer said.

“This increase is directly impacted by the Federal Labor Government’s failure to meet their obligation of 45 per cent of the cost of servicing our hospitals. This failure represents a shortfall of approximately half a billion dollars over the last 10 years.

“We will always step up and support the demands on our health system.”

The Report also forecasts increased investment in other essential services including:

  • $42 million to support operational requirements within the Department of Police, Fire and Emergency Management;
  • $19.5 million to support even more teachers to provide the education young Tasmanians need;
  • $11 million to boost support for our tourism and hospitality sector; and
  • $10.3 million in relief to communities hard hit in last year’s severe weather events.

“These are all important investments because we will always ensure Tasmanians have access to the services they need and deserve,” the Treasurer said.

“We will also continue to identify ways to do things more efficiently, through improved productivity and innovation – providing Tasmanians with the confidence that every taxpayer dollar spent is spent well.

“Today’s report indicates that our economy is forecast to continue growing which is good news for jobs and business.

“Tasmania’s net debt is manageable and we will continue to invest in public services and economic-enabling infrastructure.

“I do not underestimate the task in preparing for the May budget but I can assure Tasmanians that as Treasurer, I will maintain a steel like resolve to deliver a budget surplus by 2029-30.

“Tasmanians will always enjoy a stronger economy under a Liberal Government, and a strong economy supports Tasmanian families.”

Read the Revised Estimates here: https://www.treasury.tas.gov.au/Documents/2024-25%20Revised%20Estimates%20Report.pdf.

Media release – Josh Willie MP, Shadow Treasurer, 10 February 2025

Budget crisis deepens as Liberals lose control

Premier Rockliff and Treasurer Barnett have completely lost control of Tasmania’s budget and it’s clear that they have no plan to get our finances back on track.

The Liberals’ horror September budget was just the tip of the iceberg as the Revised Estimates Report shows that Tasmania’s finances have deteriorated even further in the last five months.

In his first mini-budget, Treasurer Barnett has managed to blow out the deficit by more than half a billion dollars and add another billion dollars to the state’s debt.

Net debt is now forecast to reach $9.6 billion over the forward estimates which means it’s going to cost Tasmanians $1.5 billion just to service the Liberals’ credit card.

Make no mistake, there is no pathway to surplus or debt reduction to be seen. In fact, for every additional dollar of new revenue this year, the Government has spent ten dollars.

Despite two negative credit outlook downgrades, countless economic reports and rock-bottom business confidence, the Liberals still don’t get it.

Premier Rockliff’s minority government lost the confidence of the business community with its handling of the Spirits fiasco, which became a far bigger mess than it needed to be because no one admitted there was a problem.

It’s clear that Tasmania is headed towards budget oblivion unless the Liberals acknowledge the problem and change course.