Legislative Council, Wednesday 18 September 2024
Ms FORREST question to LEADER of the GOVERNMENT in the LEGISLATIVE COUNCIL, Mrs HISCUTT
Referring to the Budget for 2024-25, 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 2023-24;
b. the budget year; and
c. for the 3 years of Forward estimates.
ANSWER:
(1) Table 1 presents gross state product actuals, forecasts and projections for the period 2022 23 to 2027 28.
Table 1. Gross State Product
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|
|
Budget 2024‑25 |
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|
2022‑23 |
|
2023‑24 |
2024‑25 |
2025‑26 |
2026‑27 |
2027‑28 |
|
Actuals |
|
Forecasts |
Projections |
|||
Gross state product (real, % change) |
1.1 |
|
2 |
1¼ |
2 |
2½ |
2½ |
Gross state product (real, $ millions) |
38 584 |
|
39 356 |
39 848 |
40 645 |
41 661 |
42 702 |
(2) & (3) Table 2 presents the estimated Service costs and Employer contributions for the General Government Sector for the period 2023-24 to 2027-28.
Table 2. General Government Sector Superannuation measures
|
2023-24 |
2024-25 |
2025-26 |
2026-27 |
2027-28 |
|
Preliminary Outcome |
Budget |
Forward Estimate |
Forward Estimate |
Forward Estimate |
$m |
$m |
$m |
$m |
$m |
|
Service costs |
72.5 |
62.2 |
58.2 |
54.1 |
49.6 |
Employer contributions |
374.6 |
368.3 |
380.9 |
393.3 |
410.1 |
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