Tasmanian Budget 2024-25

The 2024-25 Budget drives the delivery of our 2030 Strong Plan for Tasmania’s Future, which takes action right now on the things that matter to Tasmanians and makes life more affordable.

It secures record investment in cost-of-living relief, health, housing and education.

Our 2030 Strong Plan for Tasmania’s Future keeps the State’s economy strong, creates more jobs, and makes Tasmania the best place to live, work and raise a family.

It’s a Plan that eases the hip-pocket pressures Tasmanians are facing - through energy bill relief payments, half price bus fares, and healthy lunches in schools – as well as stamping out stamp duty for thousands of Tasmanians.

It’s also a Plan that gives young Tasmanians a future here in Tasmania, no longer needing to move away to learn a trade or get a job, instead flourishing here in their local community.

Tasmania is now a growing state with a story to tell – growing in diversity, industry, innovation, attraction, and creativity.

But to secure Tasmania as a globally unique place to live, work and visit, we need the facilities and infrastructure to deliver the services our people need.

The Budget prioritises funding to build a better health system, make housing more accessible and affordable, and keep Tasmanians safe.

It builds on the success of our strong infrastructure agenda, with a further $5.1 billion to be invested into job-creating projects that will deliver new hospitals, schools, training facilities and roads and bridges.

And, it includes measures to improve access to essential services such as primary health care, early childhood and education care, and affordable housing.

Tasmania has come a long way, but there is more work to be done.

We must keep Tasmania moving forward and continue to grow our economy so we can deliver the infrastructure and services Tasmanians need and deserve.

This is what the 2030 Strong Plan for Tasmania’s Future is all about.

Over the last six years, Tasmania has been the strongest performing state economy in the country, growing by 19 per cent over that time.

Our economy is expected to have grown by a further two per cent in the 2023-24 financial year, and the outlook remains positive.

Tasmania’s labour market continues to be incredibly strong, with unemployment at a near-record low of 4.1 per cent.

Our population is also at a record high with nearly 575,000 people now calling Tasmania home, and there are 47,000 more Tasmanians employed than in 2014.

Tasmania led the country in wages growth in 2023-24, with an increase of 5.1 per cent in the Wage Price Index.

However, high inflation and interest rates continue to put significant cost of living pressure on Tasmanian households.

This Budget delivers record investment in cost-of-living relief and supports Tasmania’s most vulnerable people, while at the same time helping to develop stronger communities.

Funding of $118 million over four years is provided for new housing, energy and public transport concessions, which is in addition to the $344 million allocated to existing concessions for energy, rates and water and sewerage bill relief.

This Budget delivers additional funding of almost $1.4 billion, including $469 million committed to health services and investment in health infrastructure, $242 million for education and education facilities, $105 million for community service organisations and $59 million for police and emergency services.

This Budget fully responds to all 191 recommendations from the Commission of Inquiry into the Tasmanian Government’s response to Child Sexual Abuse in Institutional Settings, with $425 million of additional funding over four years to improve protective systems and keep our children safe.

This Budget also secures strong investment in infrastructure, with $5.1 billion to continue the Tasmanian Government’s long-term agenda of delivering modern assets to support future growth. This level of investment is a key component of the 2030 Strong Plan for Tasmania’s Future, which ensures our roads, rail, ports, hospitals and schools all support the community’s future needs and prioritises economically productive investment.

We are securing record investment in the provision of essential services, including in health, education and law enforcement to develop stronger communities so that Tasmania is the best place to live, work and raise a family.