2022-23 STATE BUDGET DELIVERING FOR ALL TASMANIANS
Michael Ferguson MP, Treasurer
The 2022-23 Budget is focussed on strengthening Tasmania’s future by delivering for all Tasmanians and supporting the Tasmanian community.
Our strong Budget management will allow us to invest in essential services including health, education and housing, and assist vulnerable Tasmanians with the cost of living.
Reflecting the Tasmanian Liberal Government’s priorities, health and education account for almost 60 per cent of Budget expenditure over the next four years.
The 2022-23 Budget and Forward Estimates will invest a record $11.2 billion into our health system and into the health and wellbeing of Tasmanians.
The Budget includes more than $8.5 billion for education to ensure our children and young people are getting the right start in life.
It also supports the most vulnerable Tasmanians, with more than $305 million provided in concessions to those who need help meeting cost of living pressures.
The 2022-23 Budget invests $5.6 billion in next-generation infrastructure for Tasmanians, which builds better communities, provides better services, opens more opportunities and creates more jobs.
This Budget continues our investment into social and affordable housing and homelessness initiatives. Through this Budget and over the Forward Estimates, the Government will invest up to $538 million into social and affordable housing and homelessness initiatives, with $204 million in 2022-23 alone. This investment is part of the massive 10-year $1.5 billion housing package, which will build 10,000 new homes by 2032.
The infrastructure investment also includes $730.5 million for the new Bridgewater Bridge, the biggest transport infrastructure project in Tasmania’s history, which will improve safety, reduce travel times, and support local jobs.
The Tasmanian Liberal Government is committed to the sustainable and responsible management of the State’s economy and Budget.
The Budget is forecast to return to a Net Operating Balance surplus of $19.1 million in 2023-24, increasing to $32.2 million in 2024-25, and $30.5 million in 2025-26.
Given the uncertainty of COVID-19, the Budget continues to provide the flexibility to ensure we can respond to the impact of the pandemic, with $300 million included in the Treasurer’s Reserve in the 2022-23 Budget and across the Forward Estimates.
Tasmania will continue to have the lowest level of Net Debt in the nation.
This is a comprehensive Budget, a responsible Budget, a Budget that shows we can lead with both our hearts and minds, to secure a future that delivers for all Tasmanians.