2023-2024 Tasmanian Budget – Key Issues
The Government’s key priorities in the 2023-24 Budget are focussed on strengthening public services
and addressing demand issues in essential service delivery; and strategic investment in infrastructure to
promote continued economic growth supporting industry, business and jobs.
- A range of important new initiatives and reforms are also included in the 2023-24 Budget, which will
support the wellbeing of the Tasmanian community. These include the full implementation of the
restructure of the former Department of Communities Tasmania, which created the Department for
Education, Children and Young People and Homes Tasmania, and new funding to enable the
Government’s immediate response to the Commission of Inquiry into the Tasmanian Government’s
Responses to Child Sexual Abuse in Institutional Settings.
- Funding of $12.1 billion is allocated to investment in stronger health services over the 2023-24 Budget
and Forward Estimates, representing an increase of 8.1 per cent over the 2022-23 Budget and Forward
Estimates; while investment in education expenditure will increase by 4.6 per cent to $8.9 billion over
the same period.
- Tasmanians impacted by the increasing cost of living are supported in this Budget, with the total value of
concessions for water, electricity and rates increasing by approximately 13 per cent to be $345.6 million
over the 2023-24 Budget and Forward Estimates.
- The 2023-24 Budget continues to support substantial infrastructure investment aimed at enhancing
Tasmania’s productive capacity, improving service delivery and supporting jobs in regional areas; with
total funding of almost $5 billion over four years.
- The Government’s response to the COVID-19 pandemic over recent years has been significant. It
included a substantial range of measures that had both expenditure and revenue impacts on the Budget.
While these measures successfully reduced the impacts on Tasmania’s community and economy, there
has been an ongoing impact on the Budget’s fiscal indicators. In response, the Government has taken
action in the 2023-24 Budget to return the Budget to a Net Operating Balance surplus in 2025-26 and
2026-27; whilst simultaneously ensuring that health, education, secure housing and child safety services
are prioritised and remain key areas of investment.
- Tasmania has performed particularly well over the past two years, reflecting the strong position of the
economy prior to the onset of the COVID-19 pandemic, the overall successful management of the virus
in Tasmania and the effective transition to living with COVID-19. Growth going forward is forecast to
moderate reflecting the expected slowdown in the global economy. However, the outlook for Tasmania
- A new Fiscal Strategy is introduced in the 2023-24 Budget, reflecting an important step in the ongoing
evolution of the Government’s response to the changing fiscal environment. The new Fiscal Strategy
provides a framework to guide Budget sustainability over the next decade and the provision of
information to increase transparency and accountability in developing, implementing and reporting on
fiscal objectives at a General Government Sector and Total State Sector level.
Source – https://www.treasury.tas.gov.au/