The Hodgman Liberal Government is committed to rebuilding the State’s finances dollar by dollar.
Today’s Treasurer’s Annual Financial Report shows that after four years of Labor-Green waste and mismanagement, the State’s finances are back on track and heading back into the black.
There has been a $229 million improvement in the bottom line. Rather than the $286 million deficit forecast in the budget, the final result for 2014-15 is a deficit of just $57 million, while debt has been reduced by nearly $350 million.
That’s because we have kept a lid on spending. In fact, in 2014-15, we spent nearly $40 million less than budgeted. That’s in stark contrast to Labor and the Greens, who, year after year, spent hundreds of millions of dollars more than budgeted.
When we were elected in March 2014, it became clear that the State’s finances were a mess and that we were faced with cumulative deficits of $1.1 billion over the forward estimates. Treasury’s clear advice was that if we didn’t act, the budget was in an unsustainable position.
It’s also worth noting that we have reduced spending on supplies and consumables even further by an additional $108 million in 2014-15 on top of the four-year $119 million saving outlined in the 2014-15 Budget.
It’s important that we maintain this strong budget discipline, because while the heavy lifting has been done, it will count for nothing if we don’t keep the budget on track.
Tasmanians know that only the Hodgman Liberal Government can provide the solid and sensible budget management that the State needs and deserves. Equally, they know that if Labor and the Greens ever get their hands on the State’s finances again Tasmania will fall back into the budget black hole that has become their hallmark.
Peter Gutwein, Treasurer
