There is a critical need for the general public to have a good understanding of where the State is at financially and what is required by both major parties during an election – even a very early one such as this.

I intend to write some short, focussed pieces around these topics and update regularly in an effort to assist all members of our community to have an enhanced awareness. Please feel free to share any/all of these with your networks.

UPDATE Number 1 - Charter of Budget Responsibility Act 2007

I will start with the requirements of the Charter of Budget Responsibility Act 2007 and the important aspects of this Act related to elections.

First the Charter of Budget Responsibility Act 2007 imposes obligations on the Treasurer.

 Section 11 requires the Treasurer to come clean with what he knows so the Secretary of the Treasury can pass on relevant info about our fiscal position to the people of Tasmania as part of the caretaker provisions of the Act covering a PEFO (Pre Election Financial Outlook) report to inform electors.

 This is the relevant Section:

 11.   Treasurer to provide information to help prepare report

(1) The Treasurer is to disclose to the Secretary details of any Government decision, or any other circumstance, that was in existence before the commencement of the election costing period –

(a) that has, or could have, material financial implications for the estimates referred to in clause 9 ; and

(b) that the Secretary could not reasonably be expected to know about.

(2) The Treasurer is to disclose the details within 2 days of the commencement of the election costing period.

Note: election costing period mean in this case, Thursday 12th June when Parliament was dissolved.

The Treasurer, as does the Premier and all members of his government who speak about the matter, assert there is a sensible pathway to a future surplus. Nowhere is this evident in the Budget Papers prepared by Treasury, either implied or explicitly stated, so there must be something the Treasurer knows that the Secretary to the Treasury does not.

As far as I am aware there is no Treasury modelling to support the government’s claim. If there is this should be released.

The abandonment of this year’s Estimates hearings deprived the people of Tasmania the chance to find out a bit more about how the government plans to achieve a future cash surplus.

This is a crucial piece of information we need as we prepare to cast a vote for our future.

It is therefore incumbent on the Treasurer to tell the Treasury Secretary about the pathway to surplus so that he can pass it on to the people of Tasmania as part of his mandatory PEFO Report.

We await with bated breath.