Will Hodgman

Premier of Tasmania

25 January 2018

Peter Gutwein, Treasurer

Budget update: strong budget position confirmed

The annual Revised Estimates Report released by the Department of Treasury and Finance today confirms that the Hodgman Government has balanced the budget, and as a result has been able to invest more into frontline services like health.

Importantly, as well as confirming we have fixed Labor and the Greens' budget mess, it shows that the growth in the economy we have delivered has driven solid growth in government revenues.

In particular, the update shows that stamp duty alone is projected to be up nearly $25 million this year, largely as a result of the booming housing market brought about by the growing economy.

In contrast, under Labor and the Greens, the median house price actually went backwards.

Because the budget is back in balance and because the economy is strong, we have been able to invest more in frontline services, such as elective surgery and manage difficult situations like the unprecedented flu season.

Rather than net debt we hold positive cash and investments and this has supported the rollout of our $2 billion infrastructure program.

But as the election approaches, it’s timely to remind Tasmanians that the last Labor-Green Government trashed the budget and posted the biggest deficits in Tasmanian history.  There is no doubt they would do it again.

Already, Labor has promised around $700 million in election promises that would drag Tasmania’s budget back into deficit.

The Revised Estimates Report is available at www.treasury.tas.gov.au

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