I am very pleased that TT-Line’s Vessel Replacement Fund Bill has now passed Parliament without amendment, despite Labor shamefully voting against the Bill.
The Fund will ensure Tasmania is well placed to meet the future replacement cost of the Spirits as the money will be locked away and only able to be used for that purpose. It will also allow further contributions to be deposited as the state budget allows.
Importantly, the legislation will protect the funds we are setting aside for new ships from a raid by any future Labor government- like they did with the Superannuation Provision Account.
We pay hundreds of millions of dollars annually, and this figure is rising, to meet the costs of the defined benefit superannuation scheme, all because Labor and the Greens couldn’t stick to a long term plan.
The increasing costs that we have to meet could be better spent on frontline services and this underlines the importance of the Vessel Replacement Fund.
The Hodgman Government has a long term Plan for Tasmania, which includes the replacement of the TT-line ships, and we are getting on with the job of implementing it.
The budget is back in the black, we have set a strong and sensible direction for TT-Line and we have ensured the State can pay for the next generation of ships when they are required.