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2024-25 Budget Reply Speech
Time to be honest about the challenges and work together, before it's too late. The 2024-25 Tasmanian state budget is a catastrophe.
There is no plan to stop debt servicing costs eating up more and more of revenue each year. By 2027-28 almost 10c in every dollar of revenue will be devoted to debt servicing.
Which leaves less and less each year to provide services.
Even with debt servicing costs, operating expenses are projected to fall over the forward estimates.
Exclude them and adjust for inflation and the fall in real terms is 13 per cent.
Legislative Council, Tuesday 17 September 2024
The Budget catastrophe
Mr President let’s cut to the chase.
This Budget is a catastrophe.
Where do I start – everywhere I look there is bad news. The Treasurer's own speech lacked any vigour – rather sought to blame others and tell us all to stop whinging.
Mr President, my speech today is likely to be seen by the Treasurer as a huge whinge and it that’s the case I am OK with that!
The Treasurer may have been better to stop whinging himself and take some responsibility.
Political parties continue their misinformation campaigns rather than honestly discussing our financial problems, writes Ruth Forrest
The gravity of the state's perilous fiscal position, as forensically detailed by Saul Eslake in his recent report, was rather predictably matched by the dismissiveness by major parties of the recommendation to raise more revenue from our own sources.
Mr Eslake spelt out what most of us knew, or at least strongly suspected, that we're spending more than we're receiving and that an increasing share of what we're spending are debt servicing costs and amounts to settle past accumulated liabilities rather than on current services. In real terms spending on current services is falling.
Denial of budget reality is no longer an option for Tasmania.
The government last week released the Preliminary Outcome Report for the 2023-24 year, revealing the latest on the state's finances. On Monday of this week, leading economist Saul Eslake released his long anticipated review into the same subject.
First the good news on the 2023-24 year.
Revenue was $500m higher. Despite reduced GST, specific purpose grants were higher, as was own-source taxation and dividends from government businesses.
It was pleasing to see more own source revenue as that's what we need if we are to keep providing services that people expect, need and deserve.
The day of reckoning is looming.
The report by respected economist Saul Eslake into the state of the state's finances, a condition of Jacqui Lambie Network (JLN) agreement with the minority Liberal government following the March election, will be made public before the 2024/25 state budget on September 12.
Ever since the 2008 Global Financial Crisis, all parties have been in self-denial about our perilous fiscal position, in part because they risked losing office should they admit to the enormity of the challenge without offering solutions.
Changing the GST rules to get Tasmania a 'better deal' might just be killing the goose that lays the golden eggs
Undermining the GST system is not in Tasmania's interest, writes Ruth Forrest.
Most people have heard the fable written by Aesop about killing the goose that lays golden eggs.
Perhaps not Treasurer Michael Ferguson?