Treasurer Michael Ferguson has smashed the Budget with record debt and savage cuts across the forward estimates.
The Liberals came to office with zero net debt, but after almost 10 years, all we see is record debt and an ongoing housing, health and cost of living crisis.
Debt will hit $5.6 billion and the state will spend $883 million on interest payments over the next four years. This means the Liberals will be borrowing more than $3.8 million every day for the next four years.
The debt situation is so bad that the Liberals have abandoned Peter Gutwein’s fiscal strategy with borrowing costs speeding past their former limit of 6 per cent of cash receipts, hitting 7.8 per cent by 2026/27.
At the same time the Liberals’ reckless budget management is sending Tasmania deeper and deeper into debt, their wrong priorities will be felt by every Tasmanian through savage cuts to essential services.
It is clear that Jeremy Rockliff and his minority government plan to rip $300 million from health, housing and education to help pay for their stadium.
Michael Ferguson’s first attempt at a budget last year was a total failure.
Now he’s had to try and smuggle Jeremy Rockliff’s outrageous stadium through, his second effort is even worse.
Shane Broad MP
Shadow Treasurer