Tasmania’s financial position is on track to “become worse than that of any other state or territory over the next three years”, and the deterioration is “entirely attributable” to state government policy, an independent review of the state’s finances has found.
Economist Saul Eslake’s review has warned against slashing the budget — instead calling for higher taxes — but admits returning to a sustainable position will be a “substantial” and “politically challenging” task.
The Treasury Department’s own preliminary outcomes report for 2023-24, released last week, revealed Tasmania’s net debt currently stands at $3.5 billion.
Mr Eslake’s report projected net debt would hit $16 billion by 2035, at which time, the state would be paying $750 million per year in interest payments — more than the estimated total cost of the Macquarie Point stadium.
If ever there was a good reason to abandon the waterfront stadium(s), this is it. #nonewstadium Are we really going to bring on a recession with job cuts and even more declining services to pay for this Rockliff folly? #mismanagementexperts https://t.co/x7WAQx6KEu
— 💧Roland Browne (@slowguns) August 19, 2024
But if that’s not bad enough, they want to sink over $1billion into a stadium nobody asked for. They are mismanagement experts, taking us towards a crushing recession that will lead to painful austerity measures. The budget needs to be marked “return to sender”. #nonewstadium https://t.co/BbhQSBi6Bd
— 💧Roland Browne (@slowguns) August 19, 2024