STRENGTHENING OUR FUTURE: DELIVERING FOR ALL TASMANIANS

Jeremy Rockliff MP, Premier

Michael Ferguson MP, Deputy Premier and Treasurer

The 2022-23 State Budget is about strengthening Tasmania’s future and delivering for all Tasmanians.

We are focused on what matters to Tasmanians: health, education, housing, and building safe, inclusive, thriving communities.

Our vision is for Tasmania to be a place where everyone is encouraged and supported to be the best they can be.

To achieve this, we will harness our competitive advantages, create more opportunities for Tasmanians, and maintain a robust economy so that we can invest where it matters most.

The challenges from the pandemic are not over, and we must build on the gains made.

Responsible Budget management has been a hallmark of this Government. The 2022-23 Budget is built on this foundation.

This foundation has enabled the Government to navigate the worst of the COVID-19 pandemic, providing economic and social support measures that exceeded $1 billion.

These measures have worked, and our economy remains strong, with 26,000 more persons employed across the State since we came to Government, with the unemployment rate at 3.8 per cent – the equal-lowest level on record, and half of what it was when we came to Government in 2014.

Business confidence is up, resulting in more jobs and investment, and the Tasmanian economy has led the nation in the CommSec State of the State Reports for nine consecutive quarters.

Importantly, in 2020-21, our economy grew by 3.8 per cent, the second strongest growth recorded by all jurisdictions, and more than double the growth experienced by the national economy.

In 2021-22, the Tasmanian economy is expected to grow by 3¾ per cent, well above the long-term average, while State Final Demand is estimated to grow by 6 per cent.

Treasury forecasts that above-average economic growth will continue in 2022-23 and 2023-24, which allows the Government to increase investment in health, education, housing and community infrastructure.

This Budget will build on the gains made in recent years, with strong investments in the areas Tasmanians care about, such as health, housing, education, and cost of living supports.

And despite the impact of the global pandemic on our economy, we will deliver on our promise to get the Budget back on track and into surplus over the Forward Estimates.

In 2023-24, we will return to a Net Operating Surplus of $19.1 million, increasing to $32.2 million in 2024-25 and $30.5 million in 2025-26.

As we continue to transition living with COVID-19, the Budget also provides the flexibility needed to ensure we can respond to the impact of the pandemic, if required.

This is a Government with integrity and heart, one that is courageous, accountable and delivers on its commitments.  With that objective firmly established, the 2022-23 Budget delivers on our ongoing commitment to strengthen Tasmania’s future.