Update on TT-Line

The Tasmanian Government has today agreed to support an increase in the borrowing limit for TT-Line.

The move follows updated advice provided on 25 July, which indicates that TT-Line will require additional temporary borrowings to support its Vessel Replacement Program.

“Guaranteeing borrowing amounts of Government-owned businesses is a routine requirement as part of the ordinary course of business for entities that require borrowings from Tascorp and is a legislated requirement under the Tasmanian Public Finance Corporation Act 1985," Treasurer Guy Barnett said.

“This temporary increase in TT-Line’s borrowing limit will provide the confidence the company needs to continue its planned operations.

“In accordance with Caretaker Conventions, the Government has consulted on the guarantee with the Opposition on this decision."

Contact: Sarah Aquilina Phone: 0431 059 957