EDITORIAL
Labor Leader and Shadow Minister for Tourism, Hospitality and Events REBECCA WHITE
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Rockliff-Ferguson government’s first budget fails Tasmania The Rockliff-Ferguson government’s first budget should have been notable for its vision for Tasmania and its building blocks for a better future for us all. Instead, it is notable for its sea of red ink and confirmation that this government has completely lost its way. Michael Ferguson’s first budget as Treasurer has laid bare the lack of experience in Liberal ranks, after the resignations of the former Premier and Treasurer Peter Gutwein, two other MPs and the loss of a third of the Cabinet. The budget statements show ballooning debt, with no strategy to get it under control and little to show for all this spending, with basic services like health and housing in crisis. The truth is Michael Ferguson has wrecked the budget, with the government borrowing $3.5 million every day for the next four years, on the way to a record debt of $5.2 billion, leaving Tasmanians to foot the bill for more than $600 million in interest payments. The state’s inflation rate is already the highest it’s been in more than 20 years – at 5.8 per cent, well above the national average and well beyond the growth in wages. And Tasmanians are feeling the consequences of this every day, with costs rapidly rising, making life harder and harder for families and businesses. The government pretends that everything is rosy but an honest appraisal of the data shows there are headwinds for the Tasmanian economy. The release of the latest State Final Demand figures underline this, with Tasmania’s domestic economy shrinking for the second quarter in a row, and household spending and private capital investment both down, along with business confidence, consumer confidence and building approvals.
Respected economist Saul Eslake has said Tasmania’s economy has slowed, and we are the only state going backwards. It is not just the economy – Tasmania’s population has also gone backwards for the past two quarters, as young Tasmanians again leave for the mainland, seeking better pay, better opportunities and cheaper housing. Meanwhile, the Liberals’ hallmark failure to deliver numerous projects promised to Tasmanians continues, with little to no progress on a number of major projects, including economic drivers like Hobart’s Macquarie Point and the Cradle Mountain Cableway. The reality is Michael Ferguson has wrecked the budget and lost control of the state’s finances. At a time when we need real action to improve wages, to improve access to affordable housing, and to ensure businesses can operate with minimal risk to their own future and livelihoods, Michael Ferguson has dropped the ball. If we are going to make the most of the opportunities before us and build a better future for Tasmania, the government needs to get the economic basics right.
* Weights and measures approved
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Hospitality Review: June 2022 12
Hospitality Review: June 2022
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