The Premier, Lara Giddings, today announced the promotion of Scott Bacon to the Minister for Finance portfolio.

Ms Giddings said Mr Bacon had excelled in the roles of Minister for Tourism, Minister for Hospitality and Minister for Veterans' Affairs and was ready to take on additional responsibility in the key area of finance. 

"I have been reflecting on how best to use the considerable skills and strengths of my Parliamentary Labor Party team to maximise opportunities and tackle the challenges we face.

"While we have made significant progress towards our Budget savings, there is still a lot of hard work to do. Now, more than ever, we need to keep a close eye on progress towards our targets and monitor new spending.

"I will continue as Treasurer to follow through with my commitment to return Tasmania's finances to a sustainable footing.

"Scott will complement that role by taking responsibility for areas like taxation, superannuation, gaming and licensing and economic regulation as well as assisting me with Budget Committee processes.

"This will give me more time to meet with business leaders and community groups around the state and to focus on promoting Tasmania's economic opportunities.

"Scott's previous experience, which includes a degree in economics and working in both the banking sector and in the Department of Treasury and Finance, will equip him well in this new portfolio.

"Scott already sits on Budget Committee and had close involvement in the formulation of the 2011-12 Budget as the former Parliamentary Secretary to the Treasurer."

Ms Giddings said Mr Bacon had proven himself to be a highly capable Minister.

"Scott has done an excellent job promoting Tasmanian tourism against significant challenges like the high dollar, which has made it much cheaper for Australians to travel overseas.

"Under Mr Bacon, Tourism Tasmania has led an aggressive events and marketing strategy aimed at attracting new events and promoting Tasmania's strengths interstate and overseas.

"In recent months all major airlines have announced more flights into the state.

"As Minister for Hospitality he has developed an MOU with the THA and progressed a range of skills and training initiatives for the hospitality industry. He has also earned the respect of the veterans' community.

"I am confident that he can continue his good work in these portfolios while taking on added responsibility."

Mr Bacon said he was honoured and excited to be given the role of Minister for Finance.

"I share the Premier's commitment to restoring the Budget to a sustainable footing so that we can continue to invest in services to the community and infrastructure for the future.

"I look forward to working with Government Departments as they progress their savings targets.

"My door is also open to hear ideas from the business community for financial and economic reform."

The last Minister to hold the finance portfolio was Jim Cox in 2004.

Ms Giddings said Mr Bacon would be sworn-in as soon as the necessary arrangements had been made with the Governor.