When Jeremy Rockliff became Premier, there was less than $1.3 billion in net debt – now he’s on track to rack up almost $10 billion and counting.

Tasmania can’t continue down the path of billion-dollar deficits and unchecked spending. The longer we ignore the problem, the harder and more painful it will be to fix.

That’s why Labor is taking decisive action now, by introducing a bill to cap budget deficits and bring long-overdue discipline back to the way Tasmania’s finances are managed.

This bill will amend both the Financial Management Act and the Constitution Act to make responsible budgeting a core responsibility of government.

It will do three key things:

• Require real-time disclosure of major budget blowouts, so Tasmanians aren’t left in the dark until it’s too late.
• Introduce a threshold so that any budget with a cash deficit greater than 10 per cent of revenue will require a two-thirds majority of Parliament to pass.
• Put real pressure on governments to live within their means – while still allowing flexibility in times of crisis, like a pandemic.

This isn’t about scoring political points. It’s about doing what’s right for Tasmania’s future. Premier Rockliff can’t manage money and his reckless financial management needs to stop.

Josh Willie MP
Shadow Treasurer