Tasmanian Business Reporter June 2019

T A S M A N I A’ S L E A D I N G B U S I N E S S P U B L I C A T I O N . C I R C U L A T I O N 12,000 M O N T H LY
2 Tasmanian Business Reporter - JUNE 2019
NEWS
Infrastructure spending to maintain momentum
Net debt to boost economy
T A S M A N I A’ S L E A D I N G B U S I N E S S P U B L I C A T I O N . C I R C U L A T I O N 12,000 M O N T H LY
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T A S M A N I A’ S L E A D I N G B U S I N E S S P U B L I C A T I O N . C I R C U L A T I O N 12,000 M O N T H LY
Tasmania’s business newspaper is published monthly by the
Tasmanian Chamber of Commerce and Industry. It is distributed
to businesses in Tasmania as well as key decision-makers.
Circulation: 12,000
BUSINESS
WHILE health has historically
been the biggest drain on
the State Budget, this year’s
winners are education and infrastructure.
The highlights are:
Health: $8.1 billion over
the next four years, representing
nearly 32 per cent of the
entire State Budget. Over six
years the funding will support
298 new beds, 802 more nurses,158
additional doctors, 128
more allied health professionals
and 182 additional support
staff.
Education: $7.1 billion
over the next four years – a
$349 million increase from
last year’s Budget and includes
$145 million in recurrent
funding which allows for
an additional 358 new staff
including 250 new teachers;
and $179 million in education
infrastructure across Department
of Education and Tas-
TAFE facilities.
Infrastructure: $3.6 billion
including $304.9 million
for rail infrastructure, $294
million on the new Bridgewater
Bridge, $111.7 million
to keep upgrading the Midland
Highway, $83 million
towards an urban congestion
fund, $58 million specifically
to support tourist roads and
$292 million to renew roads.
Tourism: $20 million Regional
Tourism Attraction
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BUSINESS
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Loan Scheme to provide
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undertake projects to grow
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Budget to drive growth
From page 1
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As a result, Treasurer
Peter Gutwein has
been forced to make
some difficult decisions.
First up, there will be the
introduction of two new
taxes – foreign investor
land tax to catch overseas
money, but more importantly
for Tasmanians a
15 per cent point of consumption
tax on gambling
– capturing gambling
online and bringing
Tasmania in line with the
rest of the nation.
There will be a $50
million special dividend
taken from the MAIB,
while the Tasmanian
Public Finance Corporation
will hand over $39.5
million.
Government departments
will also be required
to provide a 0.75
per cent special dividend
and the so-called hardline
two per cent wages
target continues.
However, given the
teachers’ wages decision,
it remains to be seen if
this can be achieved.
The moves to increase
taxes and take further
special dividends are designed
to cover the loss
of revenue and thus allow
the Government to
continue its fiscal path.
This sees yet another
year of record infrastructure
spending at some
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Now incorporating
events to Tasmania.
Business: Continuing the
payroll tax rebate scheme
and small business grants
until June 2021 to support
the employment of around
4,500 young Tasmanians
as apprentices and trainees.
$4.1 million partnership
with the TCCI and Tas-
COSS to address barriers to
work, $4.4 million for the
Tasmanian Trade Strategy
to further boost Tasmanian
exports and jobs and $2.8
million to develop Tasmania’s
first Defence Industry
Strategy.
THE CRAFT LIVES ON.
$3.6 billion and while
some question the ability
of the Government
to spend this amount, a
drive down the Midland
Highway and through
the Hobart CBD certainly
proves things are happening.
Elsewhere health continues
to receive record
funding at $8.1 billion
– which is now about
32 per cent of the total
budget, while education
is not far behind at $7.1
billion.
There are some remarkable
figures for
those who study the longterm
economic growth of
Tasmania – a gross state
product figure of 2.75 per
The state rail network,
above left, will receive
$304.9 million while the
upgrade of the Midland
Highway, right, will
continue.
cent – revised up by half
a per cent since last year
and is three quarters of a
per cent better than the
long-term average.
Population growth is
running at double the
long-term average, therer
is continued growth
in visitor numbers and a
respectable 6.5 per cent
unemployment rate.
Meanwhile this year
will see a budget surplus
of $41 million, next year
it will see a $57 million
surplus, which interestingly
won’t get us out of
net debt until 2021 but
given the circumstances
a steady-as-she-goes
budget is not such a bad
thing.