Minister for Industry
The 2010-11 Budget focuses on maintaining Tasmania's record of strong financial management.
The budget delivers a return to an operating surplus of $31.9 million by 2012-13. At that time, Tasmania will be the only jurisdiction in Australia with an operating surplus and no net government debt.
This places Tasmania in the enviable position of having one of the strongest balance sheets in Australia. This is also reflected in Tasmania's Aaa credit rating from Moody's Investor Service, which is better than or equal to any Australian State.
Tasmania fared better than expected during the global recession. Tasmania's 2009-10 operating budget outcome is expected to be $141 million better than originally expected, with a $23.9 million surplus.
Tasmania is returning to pre-global recession levels of economic activity. State Final Demand data from March 2010 shows that Tasmania has now reached a new record level of $6.2 billion in trend terms.
In the 2010-11 Budget, the Government continues its record of delivering on election commitments. A full three quarters of Labor's election commitments are delivered as proposed. All of the remaining commitments are being progressed in this budget and will be implemented during this four year term.
Over the coming financial year and beyond, this Government's focus will be on maintaining its strong financial management and encouraging further economic growth through private and government investment that will deliver jobs and further economic growth.
In 2010-11, Tasmania continues its record infrastructure investment by allocating $725 million. When Government Business investment is included, total government investment will total almost $5 billion over the next four years.
The 2010-11 Tasmanian Budget delivers a strong balance sheet, with the addition of no new taxes, but with land-tax relief of some $28 million over the coming financial year.
This Budget represents the continuation of a sound financial management strategy and will continue Tasmania's recovery from the global recession.