Published: 18 September 2024

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

 

 

 

Budget 2024‑25

 

2022‑23

 

2023‑24

2024‑25

2025‑26

2026‑27

2027‑28

 

Actuals

 

Forecasts

Projections

Gross state product (real, % change)

1.1

 

2

2

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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