2023-24 BUDGET OVERVIEW

JEREMY ROCKLIFF MP, Premier

MICHAEL FERGUSON MP, Treasurer

The 2023-24 Tasmanian Budget continues to focus on building Tasmania’s future to be strong, safe, and secure.

As a result of our effective Budget management, we are able to provide real assistance for vulnerable Tasmanians with the cost of living, and funding to strengthen essential services like health care, education and housing.

Premier Jeremy Rockliff said the Government was continuing its record investment in areas that matter most to Tasmanians.

“Over the next four years, health and education will account for 60 per cent of the Budget expenditure for the first time, which reflects the priorities of the Tasmanian Liberal Government,” Mr Rockliff said.

“The 2023-24 Budget and Forward Estimates will invest a record $12.1 billion into our health system
- $8.3 million a day to deliver the health care system Tasmanians deserve. More beds, more staff and more initiatives to continue to drive down wait lists.

“It also includes $8.9 billion for education to ensure Tasmanian children and young people are safe, well and learning, and getting the right start to life.

“This Budget continues 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.”

Treasurer, Michael Ferguson, said total infrastructure investment funding in the 2023-24 Budget remains high with almost $5 billion of funding allocated over 2023-24 and the Forward Estimates. This level of investment will continue to enhance Tasmania’s productive capacity, improve service delivery, provide industry with certainty regarding the Government’s infrastructure pipeline and support jobs in regional areas.

“Our investment in social and affordable housing and homelessness initiatives continues with this Budget,” he said.

“The 2023-24 Tasmanian Budget and Forward Estimates includes almost $373 million in grant funding to Homes Tasmania to continue to provide housing and homelessness services, to deliver 2023-24 Budget initiatives, and provide funding supports for its capital program.

“Homes Tasmania will continue to deliver on our $1.5 billion plan to provide 10,000 new homes by 2032.

“Across the Forward Estimates there will be an Efficiency Dividend of $300 million as a result of backline efficiencies such as successful digital enhancements across Government departments.

“The Rockliff Liberal Government is committed to the sustainable and responsible management of the State’s economy and Budget.

“The Budget is forecast to return to an operating surplus of $12.7 million in 2025-26, increasing to $61.2 million in 2026-27.

“Tasmania will continue to have the lowest level of Net Debt in the nation.”

Through our carefully considered decisions, this is a responsible Budget that builds a future for our State to be strong, safe and secure.