Date posted: 06/06/2023

CA ANZ Tasmanian Members attend 2023-24 State Budget Events

Treasurer Michael Ferguson MP and Premier Jeremy Rockliff MP offered insights on Tasmania's fiscal plans

In brief

  • CA ANZ members gained insights on 2023/24 budget from Tasmanian Treasurer & Premier
  • Treasurer Michael Ferguson MP and Premier Jeremy Rockliff MP delivered comprehensive briefings on Tasmania's fiscal plans
  • CA ANZ members actively engaged with Premier and Treasurer, posing questions on budget, contributing to economic discussions

Chartered Accountants Australia and New Zealand members had the privilege of attending The Tasmanian Chamber of Commerce and Industry (TCCI) State Budget Breakfast, held in Hobart on 26 May and the Launceston Chamber of Commerce (LCC) State Budget Luncheon in Launceston on 26 May. The luncheon event was sponsored by CA ANZ. 

The events featured the presence of Tasmanian Treasurer, the Hon. Michael Ferguson MP, who delivered a comprehensive presentation and briefing on the 2023/2024 State Budget. The Premier of Tasmania, the Hon. Jeremy Rockliff MP was also present at the breakfast event. 

Attendees had the opportunity to gain valuable insights into the fiscal plans for the coming year and directly engage with both the Premier and Treasurer, posing pertinent questions about the budget. 

Chartered Accountants ANZ attendees with Hon. Michael Ferguson MP at TAS budget luncheon

The breakfast and lunch events provided an ideal platform for CA ANZ members to stay informed and actively participate in the discussions surrounding Tasmania's economic outlook and financial strategies. 

Tasmania Council Chair, Bo Xu CA, Tasmanian Council Vice Chair, David Kewley CA, CA ANZ Councillor, Naomi Walsh FCA, Tasmania Council members Phil Fulton FCA, Natalia Svetlova CA and Kirby Taylor CA and CA ANZ Member Engagement Manager for Tasmania, Robyn Ketchell represented CA ANZ at the events. Furthermore, CA ANZ Councillor Naomi Walsh FCA gave the CA ANZ address to guests at the LCC State Budget Luncheon in Launceston. 

The events were part of the comprehensive 2023 State Budget Briefing Roadshow presented by the TCCI and LCC. 

Outlined below are key budget announcements in the 2023-24 Budget, which was delivered by The Hon Michael Ferguson MP, Treasurer of Tasmania on 25 May 2023: 

  • Health and Mental Wellbeing: health remains a top priority, with a $12.1 billion investment over the next four years, translating to an investment of $8.3 million per day. The budget aims to reduce wait times, and enhance access to medical facilities through increased beds, recruitment of more staff, and implementation of new initiatives.
  • Housing: the budget includes significant funding for social and affordable housing, with almost $373 million allocated to Homes Tasmania. This funding will support the delivery of housing and homelessness services and contribute to the ambitious goal of constructing 10,000 new homes by 2032.
  • Education and Skills: the government has allocated $8.9 billion to the education sector, to ensure the safety, well-being, and educational development of Tasmanian children and young people. 
  • Cost of Living: more than $347 million has been allocated to concession support, providing assistance to those in need and to ensure essential living expenses are met.
  • Infrastructure: infrastructure investment remains a priority, with almost $5 billion allocated over the 2023-24 period and beyond, to bolster productive capacity, improve service delivery, provide industry certainty, and generate employment opportunities, particularly in regional areas. 
  • Efficiency Dividend: the budget outlines an efficiency dividend of $300 million, resulting from successful digital enhancements and backline efficiencies across government departments. This is meant to assist with the Government’s commitment to delivering targeted and considered investment in services, whilst taking action to restore Tasmania’s fiscal buffers.
  • Forecast: looking ahead, the budget projects a return to an operating surplus of $12.7 million in 2025-26, further increasing to $61.2 million in 2026-27, and expects Tasmania to maintain the lowest level of net debt in the nation.