The 2023-24 State Budget delivers on what matters to Tasmanians: health, education, housing, and building safe, inclusive, and thriving communities.
Treasurer, Michael Ferguson, said strong Budget management has been a hallmark of this Government and the 2023-24 Budget is built on this foundation.
“Our economy remains strong, with more than 56,000 people employed across the State since we came to Government, with the unemployment rate at 3.8 per cent – the lowest level on record, and almost half of what it was when we came to Government in 2014,” Mr Ferguson said.
“Prudent Budget management also allows us to make investments in infrastructure to support continued economic development and job creation.
“Over the next four years, health and education will account for 60 per cent of the Budget expenditure, which reflects the priorities of the Tasmanian Liberal Government.
“This Budget will also continue to support the most vulnerable Tasmanians, with more than $347 million in concession support to those who need help meeting the cost of living pressures.
“In 2021-22, our economy grew by 4.3 per cent, the second strongest growth recorded by all jurisdictions, and more than double the growth experienced by the national economy.
“The Tasmanian economy and State Final Demand is expected to continue to grow by 1.5 per cent in 2022-23. The more subdued growth expected for 2022-23 and over the forecast period, reflects the impact on the Tasmanian economy of high inflation, rising interest rates and other global events. Growth is expected to pick up over 2023-24 and 2024-25, with forecast growth of two per cent and 2¼ per cent.
“Despite the impact of the global pandemic on our economy in recent years and the future economic challenges we expect to face, this budget charts a path through and we will deliver on our promise to get the Budget back on track and into surplus over the Forward Estimates.
“The big question remains, will Dr Broad, finally put his money where his mouth is and deliver Labor’s first alternative Budget? Or will he continue to prove he’s all bark and no bite when it comes to managing Tasmania’s economy.
“Only the Rockliff Liberal Government is committed to the sustainable and responsible management of the State’s economy and Budget.”
