Legislative Council, Thursday 1 June 2023
Ms FORREST question to LEADER of the GOVERNMENT in the LEGISLATIVE COUNCIL, Mrs HISCUTT
Referring to the Budget for 2023-24, could you provide measures/details of:
1. Tasmania’s Gross State Product;
2. The service cost for current employees of the General Government who are members of the defined benefit superannuation schemes;
3. Employer contributions by the General Government in respect of members receiving retirement benefits from the defined benefit schemes;
For each of three measures above please provide data for the following periods:
a. the Estimated Outcome year 2022-23;
b. the budget year; and
c. for the three years of Forward Estimates.
ANSWER:
1. Gross State Product
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Budget 2023‑24 |
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2021‑22 |
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2022‑23 |
2023‑24 |
2024‑25 |
2025‑26 |
2026‑27 |
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Actuals |
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Forecasts |
Projections |
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Gross state product (real, % change) |
4.3 |
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1½ |
2 |
2¼ |
2½ |
2½ |
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Gross state product (real, $ millions) |
36 701 |
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37 252 |
37 997 |
38 851 |
39 823 |
40 818 |
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2. and 3. General Government Defined Benefit Scheme Estimates
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2022-23 |
2023-24 |
2024-25 |
2025-26 |
2026-27 |
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Estimated Outcome |
Budget |
Forward Estimate |
Forward Estimate |
Forward Estimate |
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$m |
$m |
$m |
$m |
$m |
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Service Cost |
89.7 |
77.3 |
72.2 |
67.0 |
61.8 |
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Employer Contributions1 |
331.5 |
351.5 |
368.0 |
380.0 |
392.2 |
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Note:
1. Employer contributions will not agree to Table No 3.4 of Budget Paper No 1 as the Fiscal Strategy table includes Employer contributions for Homes Tasmania employees, which are no longer in the General Government Sector.
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