Preliminary Outcomes Report 2024-25 shows some improvement on Revised Estimates, but highlights the significant challenge ahead

The Tasmanian Government has today released the Preliminary Outcomes Report 2024-25, outlining the State’s unaudited financial performance against the forecasts contained in the 2024-25 Budget.

While the Report demonstrates some encouraging improvement from the Revised Estimates Report (RER) for 2024-25 that was released in February 2025, it also highlights the significant challenge ahead in terms of budget repair.

Preliminary Net Operating Balance has deteriorated $412.5 million from the 2024-25 Original Budget estimate, predominantly driven by significant cost pressures in health and education, but is $90 million lower than the forecast in the RER.

The preliminary Net Debt outcome for the General Government Sector is almost $400 million under the 2024-25 Original Budget estimate; however, the outcome is still an increase of $1 708 million from 30 June 2024.

Treasurer Eric Abetz highlighted the significant Budget repair task ahead, emphasising that we are taking our approach to Budget repair seriously and recognising that tough decisions will have to be made.

“Like all states, Tasmania is continuing to grapple with rising service delivery costs and increased demand in key areas such as health, while managing the impacts of national economic conditions,” the Treasurer said.

“As we lead into both the 2025-26 and 2026-27 Budget development processes, I look forward to continued discussions with all members of Parliament, and we will be involving the Multi-Partisan Budget Matters Panel as we work together to achieve long-term fiscal sustainability while continuing to deliver core services to our community.

“We need to ensure that our economy remains strong and our business conditions favourable, and this is critical to our future prosperity. We welcome the recent news that Tasmania has the lowest unemployment rate of all states of 3.9 per cent.”

The full Preliminary Outcomes Report 2024-25 is available at: www.treasury.tas.gov.au

The final outcomes for 2024-25 will be published in the Treasurer’s Annual Financial Report by 31 October 2025.