Published: 01 June 2023

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

 

 

 

Budget 2023‑24

 

2021‑22

 

2022‑23

2023‑24

2024‑25

2025‑26

2026‑27

 

Actuals

 

Forecasts

Projections

Gross state product

(real, % change)

4.3

 

2

Gross state product

(real, $ millions)

36 701

 

37 252

37 997

38 851

39 823

40 818

 

 

 

 

 

 

 

 

2. and 3. General Government Defined Benefit Scheme Estimates

 

2022-23

2023-24

2024-25

2025-26

2026-27

 

Estimated Outcome

Budget

Forward Estimate

Forward Estimate

Forward Estimate

 

$m 

$m 

$m 

$m 

$m 

           

Service Cost

 89.7 

 77.3 

 72.2 

 67.0 

 61.8 

Employer Contributions1

 331.5 

 351.5 

 368.0 

 380.0 

 392.2 

 

 

 

 

 

 

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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