Latest news with #TasmaniaDevils
The Advertiser
4 days ago
- Business
- The Advertiser
Liberal debt to double, state companies face sell-off
A state Liberal government will more than double debt while funding a new-build stadium and aim to rely on potential asset sales and a public service "efficiency unit" to find money. Tasmania's Treasurer Guy Barnett delivered the 2025/26 budget on Thursday, his first in the role for his party which has been in power for 11 years. It forecasts net debt more than doubling from $5.3 billion in 2024/25 to $10.8 billion in 2028/29, at a steeper trajectory than predicted in last year's budget. Mr Barnett said the amount of debt was manageable and necessary so the state could invest in economy-boosting infrastructure and increase health and education funding. The budget spells out more than $600 million of funding for a new waterfront stadium in Hobart, a condition of the Tasmania Devils entering the AFL in 2028. The venue's estimated cost recently blew out from $775 million to $945 million. The budget doesn't include $300 million in state government borrowings needed to make up a funding gap. The state previously pledged $375 million towards the stadium, while the federal government is chipping in $240 million and the AFL $15 million. The budget estimates a $1.01 billion deficit in 2025/26 will improve to a $236 million deficit in 2028/29. Mr Barnett claimed his government was on a "sensible path" to deliver a surplus in 2029/30, one year beyond the financial modelling of the budget. Labor opposition MP Josh Willie said it was the worst budget in the state's history. "When the Liberals came to office in 2014, Tasmania had $208 million in the bank," he said. "Now ... Tasmania is staring down the barrel of almost $11 billion worth of net debt." The Liberals also face kickback from unions after revealing more details about potential state-owned business sales. The sale of some businesses has been ruled out but about a dozen remain under assessment, including bus operator Metro Tasmania and power provider TasNetworks. Funds from potential sales haven't been modelled in the budget. Shedding of some of the businesses would have to be green lit by a parliament in which the Liberals have a minority. Several independent MPs on the crossbench gave a scathing assessment of the budget, with one labelling it "alarming". Crown land could also be sold to help the state return to surplus and pay down debt, Mr Barnett said. An efficiency and productivity unit, which has been likened to measures implemented by US President Donald Trump, will review government programs. The unit will find savings of $150 million per year, while there is a freeze on hiring of non-essential public sector workers. The government said it planned to cut 2500 public servant jobs by 2032/33. Public sector wages, including superannuation, are the largest operating expenditure item for the government, making up 46 per cent of total operating expenditure in 2024/25. Global credit ratings agency S&P said Tasmania's AA+ position had shifted from stable to negative, citing weaker financial outcomes and a rising debt burden. As a percentage of gross state product, Tasmania's debt is the fifth worst of Australian states and territories. TASMANIA'S BUDGET 2025/26: * Deficit: $1.01 billion * Revenue: $9.5 billion * Expenditure: $10.5 billion * Net debt: $7.4 billion * GST revenue: $3.8 billion * Unemployment: 3.8 per cent * Five biggest spending areas: health (34 per cent), education (23), public order and safety (nine), general public services (eight) and social protection (seven) A state Liberal government will more than double debt while funding a new-build stadium and aim to rely on potential asset sales and a public service "efficiency unit" to find money. Tasmania's Treasurer Guy Barnett delivered the 2025/26 budget on Thursday, his first in the role for his party which has been in power for 11 years. It forecasts net debt more than doubling from $5.3 billion in 2024/25 to $10.8 billion in 2028/29, at a steeper trajectory than predicted in last year's budget. Mr Barnett said the amount of debt was manageable and necessary so the state could invest in economy-boosting infrastructure and increase health and education funding. The budget spells out more than $600 million of funding for a new waterfront stadium in Hobart, a condition of the Tasmania Devils entering the AFL in 2028. The venue's estimated cost recently blew out from $775 million to $945 million. The budget doesn't include $300 million in state government borrowings needed to make up a funding gap. The state previously pledged $375 million towards the stadium, while the federal government is chipping in $240 million and the AFL $15 million. The budget estimates a $1.01 billion deficit in 2025/26 will improve to a $236 million deficit in 2028/29. Mr Barnett claimed his government was on a "sensible path" to deliver a surplus in 2029/30, one year beyond the financial modelling of the budget. Labor opposition MP Josh Willie said it was the worst budget in the state's history. "When the Liberals came to office in 2014, Tasmania had $208 million in the bank," he said. "Now ... Tasmania is staring down the barrel of almost $11 billion worth of net debt." The Liberals also face kickback from unions after revealing more details about potential state-owned business sales. The sale of some businesses has been ruled out but about a dozen remain under assessment, including bus operator Metro Tasmania and power provider TasNetworks. Funds from potential sales haven't been modelled in the budget. Shedding of some of the businesses would have to be green lit by a parliament in which the Liberals have a minority. Several independent MPs on the crossbench gave a scathing assessment of the budget, with one labelling it "alarming". Crown land could also be sold to help the state return to surplus and pay down debt, Mr Barnett said. An efficiency and productivity unit, which has been likened to measures implemented by US President Donald Trump, will review government programs. The unit will find savings of $150 million per year, while there is a freeze on hiring of non-essential public sector workers. The government said it planned to cut 2500 public servant jobs by 2032/33. Public sector wages, including superannuation, are the largest operating expenditure item for the government, making up 46 per cent of total operating expenditure in 2024/25. Global credit ratings agency S&P said Tasmania's AA+ position had shifted from stable to negative, citing weaker financial outcomes and a rising debt burden. As a percentage of gross state product, Tasmania's debt is the fifth worst of Australian states and territories. TASMANIA'S BUDGET 2025/26: * Deficit: $1.01 billion * Revenue: $9.5 billion * Expenditure: $10.5 billion * Net debt: $7.4 billion * GST revenue: $3.8 billion * Unemployment: 3.8 per cent * Five biggest spending areas: health (34 per cent), education (23), public order and safety (nine), general public services (eight) and social protection (seven) A state Liberal government will more than double debt while funding a new-build stadium and aim to rely on potential asset sales and a public service "efficiency unit" to find money. Tasmania's Treasurer Guy Barnett delivered the 2025/26 budget on Thursday, his first in the role for his party which has been in power for 11 years. It forecasts net debt more than doubling from $5.3 billion in 2024/25 to $10.8 billion in 2028/29, at a steeper trajectory than predicted in last year's budget. Mr Barnett said the amount of debt was manageable and necessary so the state could invest in economy-boosting infrastructure and increase health and education funding. The budget spells out more than $600 million of funding for a new waterfront stadium in Hobart, a condition of the Tasmania Devils entering the AFL in 2028. The venue's estimated cost recently blew out from $775 million to $945 million. The budget doesn't include $300 million in state government borrowings needed to make up a funding gap. The state previously pledged $375 million towards the stadium, while the federal government is chipping in $240 million and the AFL $15 million. The budget estimates a $1.01 billion deficit in 2025/26 will improve to a $236 million deficit in 2028/29. Mr Barnett claimed his government was on a "sensible path" to deliver a surplus in 2029/30, one year beyond the financial modelling of the budget. Labor opposition MP Josh Willie said it was the worst budget in the state's history. "When the Liberals came to office in 2014, Tasmania had $208 million in the bank," he said. "Now ... Tasmania is staring down the barrel of almost $11 billion worth of net debt." The Liberals also face kickback from unions after revealing more details about potential state-owned business sales. The sale of some businesses has been ruled out but about a dozen remain under assessment, including bus operator Metro Tasmania and power provider TasNetworks. Funds from potential sales haven't been modelled in the budget. Shedding of some of the businesses would have to be green lit by a parliament in which the Liberals have a minority. Several independent MPs on the crossbench gave a scathing assessment of the budget, with one labelling it "alarming". Crown land could also be sold to help the state return to surplus and pay down debt, Mr Barnett said. An efficiency and productivity unit, which has been likened to measures implemented by US President Donald Trump, will review government programs. The unit will find savings of $150 million per year, while there is a freeze on hiring of non-essential public sector workers. The government said it planned to cut 2500 public servant jobs by 2032/33. Public sector wages, including superannuation, are the largest operating expenditure item for the government, making up 46 per cent of total operating expenditure in 2024/25. Global credit ratings agency S&P said Tasmania's AA+ position had shifted from stable to negative, citing weaker financial outcomes and a rising debt burden. As a percentage of gross state product, Tasmania's debt is the fifth worst of Australian states and territories. TASMANIA'S BUDGET 2025/26: * Deficit: $1.01 billion * Revenue: $9.5 billion * Expenditure: $10.5 billion * Net debt: $7.4 billion * GST revenue: $3.8 billion * Unemployment: 3.8 per cent * Five biggest spending areas: health (34 per cent), education (23), public order and safety (nine), general public services (eight) and social protection (seven) A state Liberal government will more than double debt while funding a new-build stadium and aim to rely on potential asset sales and a public service "efficiency unit" to find money. Tasmania's Treasurer Guy Barnett delivered the 2025/26 budget on Thursday, his first in the role for his party which has been in power for 11 years. It forecasts net debt more than doubling from $5.3 billion in 2024/25 to $10.8 billion in 2028/29, at a steeper trajectory than predicted in last year's budget. Mr Barnett said the amount of debt was manageable and necessary so the state could invest in economy-boosting infrastructure and increase health and education funding. The budget spells out more than $600 million of funding for a new waterfront stadium in Hobart, a condition of the Tasmania Devils entering the AFL in 2028. The venue's estimated cost recently blew out from $775 million to $945 million. The budget doesn't include $300 million in state government borrowings needed to make up a funding gap. The state previously pledged $375 million towards the stadium, while the federal government is chipping in $240 million and the AFL $15 million. The budget estimates a $1.01 billion deficit in 2025/26 will improve to a $236 million deficit in 2028/29. Mr Barnett claimed his government was on a "sensible path" to deliver a surplus in 2029/30, one year beyond the financial modelling of the budget. Labor opposition MP Josh Willie said it was the worst budget in the state's history. "When the Liberals came to office in 2014, Tasmania had $208 million in the bank," he said. "Now ... Tasmania is staring down the barrel of almost $11 billion worth of net debt." The Liberals also face kickback from unions after revealing more details about potential state-owned business sales. The sale of some businesses has been ruled out but about a dozen remain under assessment, including bus operator Metro Tasmania and power provider TasNetworks. Funds from potential sales haven't been modelled in the budget. Shedding of some of the businesses would have to be green lit by a parliament in which the Liberals have a minority. Several independent MPs on the crossbench gave a scathing assessment of the budget, with one labelling it "alarming". Crown land could also be sold to help the state return to surplus and pay down debt, Mr Barnett said. An efficiency and productivity unit, which has been likened to measures implemented by US President Donald Trump, will review government programs. The unit will find savings of $150 million per year, while there is a freeze on hiring of non-essential public sector workers. The government said it planned to cut 2500 public servant jobs by 2032/33. Public sector wages, including superannuation, are the largest operating expenditure item for the government, making up 46 per cent of total operating expenditure in 2024/25. Global credit ratings agency S&P said Tasmania's AA+ position had shifted from stable to negative, citing weaker financial outcomes and a rising debt burden. As a percentage of gross state product, Tasmania's debt is the fifth worst of Australian states and territories. TASMANIA'S BUDGET 2025/26: * Deficit: $1.01 billion * Revenue: $9.5 billion * Expenditure: $10.5 billion * Net debt: $7.4 billion * GST revenue: $3.8 billion * Unemployment: 3.8 per cent * Five biggest spending areas: health (34 per cent), education (23), public order and safety (nine), general public services (eight) and social protection (seven)
The Advertiser
4 days ago
- Business
- The Advertiser
State budget to tackle debt, deficit, AFL dream
Asset sales could be on the cards as a Liberal state government tries to reel in ballooning debt and deficit as well as fund its AFL dream. Tasmania's Treasurer Guy Barnett will hand down his maiden budget on Thursday, six months after taking over when his predecessor resigned over a ferry delivery saga. Updated estimates for 2024/25, released in February, showed deficit for the financial year would rise from $793 million to $1.2 billion. It also predicted net debt to reach $9.6 billion by 2027/28, up from the previously slated $8.6 billion. Mr Barnett recently refused to rule out the sale of state-owned companies, after the government commissioned a report to investigate potential privatisations. The budget would contain a "very clear" path to surplus, Mr Barnett said, despite the fact projected surpluses had been pushed back in recent years. The estimated price tag for a new Hobart stadium, a condition of the Tasmania Devils entering the AFL, has risen from $755 million to $945 million. The government is relying on borrowings to make up the difference, after pledging to "cap" its contribution to the project at $375 million. A larger spend is also needed to build the team's high performance centre, which has blown out from $70 million to $115 million. Costs have risen for a new port to berth delayed Spirit of Tasmania vessels in Devonport, with the latest figure up $188 million to $493 million. Former treasurer Michael Ferguson, who was the minister responsible for the project, dropped his portfolios because of delays to the ships' delivery. The government has been spruiking health and education funding, and on Wednesday announced $296 million to upgrade 23 schools over four years. There would also be $9.9 billion for education over the forward estimates in the budget. Health funding will make up one third of the state's operating budget, a figure of $14.6 billion over four years - a boost of $1.6 billion from last budget's figures. Asset sales could be on the cards as a Liberal state government tries to reel in ballooning debt and deficit as well as fund its AFL dream. Tasmania's Treasurer Guy Barnett will hand down his maiden budget on Thursday, six months after taking over when his predecessor resigned over a ferry delivery saga. Updated estimates for 2024/25, released in February, showed deficit for the financial year would rise from $793 million to $1.2 billion. It also predicted net debt to reach $9.6 billion by 2027/28, up from the previously slated $8.6 billion. Mr Barnett recently refused to rule out the sale of state-owned companies, after the government commissioned a report to investigate potential privatisations. The budget would contain a "very clear" path to surplus, Mr Barnett said, despite the fact projected surpluses had been pushed back in recent years. The estimated price tag for a new Hobart stadium, a condition of the Tasmania Devils entering the AFL, has risen from $755 million to $945 million. The government is relying on borrowings to make up the difference, after pledging to "cap" its contribution to the project at $375 million. A larger spend is also needed to build the team's high performance centre, which has blown out from $70 million to $115 million. Costs have risen for a new port to berth delayed Spirit of Tasmania vessels in Devonport, with the latest figure up $188 million to $493 million. Former treasurer Michael Ferguson, who was the minister responsible for the project, dropped his portfolios because of delays to the ships' delivery. The government has been spruiking health and education funding, and on Wednesday announced $296 million to upgrade 23 schools over four years. There would also be $9.9 billion for education over the forward estimates in the budget. Health funding will make up one third of the state's operating budget, a figure of $14.6 billion over four years - a boost of $1.6 billion from last budget's figures. Asset sales could be on the cards as a Liberal state government tries to reel in ballooning debt and deficit as well as fund its AFL dream. Tasmania's Treasurer Guy Barnett will hand down his maiden budget on Thursday, six months after taking over when his predecessor resigned over a ferry delivery saga. Updated estimates for 2024/25, released in February, showed deficit for the financial year would rise from $793 million to $1.2 billion. It also predicted net debt to reach $9.6 billion by 2027/28, up from the previously slated $8.6 billion. Mr Barnett recently refused to rule out the sale of state-owned companies, after the government commissioned a report to investigate potential privatisations. The budget would contain a "very clear" path to surplus, Mr Barnett said, despite the fact projected surpluses had been pushed back in recent years. The estimated price tag for a new Hobart stadium, a condition of the Tasmania Devils entering the AFL, has risen from $755 million to $945 million. The government is relying on borrowings to make up the difference, after pledging to "cap" its contribution to the project at $375 million. A larger spend is also needed to build the team's high performance centre, which has blown out from $70 million to $115 million. Costs have risen for a new port to berth delayed Spirit of Tasmania vessels in Devonport, with the latest figure up $188 million to $493 million. Former treasurer Michael Ferguson, who was the minister responsible for the project, dropped his portfolios because of delays to the ships' delivery. The government has been spruiking health and education funding, and on Wednesday announced $296 million to upgrade 23 schools over four years. There would also be $9.9 billion for education over the forward estimates in the budget. Health funding will make up one third of the state's operating budget, a figure of $14.6 billion over four years - a boost of $1.6 billion from last budget's figures. Asset sales could be on the cards as a Liberal state government tries to reel in ballooning debt and deficit as well as fund its AFL dream. Tasmania's Treasurer Guy Barnett will hand down his maiden budget on Thursday, six months after taking over when his predecessor resigned over a ferry delivery saga. Updated estimates for 2024/25, released in February, showed deficit for the financial year would rise from $793 million to $1.2 billion. It also predicted net debt to reach $9.6 billion by 2027/28, up from the previously slated $8.6 billion. Mr Barnett recently refused to rule out the sale of state-owned companies, after the government commissioned a report to investigate potential privatisations. The budget would contain a "very clear" path to surplus, Mr Barnett said, despite the fact projected surpluses had been pushed back in recent years. The estimated price tag for a new Hobart stadium, a condition of the Tasmania Devils entering the AFL, has risen from $755 million to $945 million. The government is relying on borrowings to make up the difference, after pledging to "cap" its contribution to the project at $375 million. A larger spend is also needed to build the team's high performance centre, which has blown out from $70 million to $115 million. Costs have risen for a new port to berth delayed Spirit of Tasmania vessels in Devonport, with the latest figure up $188 million to $493 million. Former treasurer Michael Ferguson, who was the minister responsible for the project, dropped his portfolios because of delays to the ships' delivery. The government has been spruiking health and education funding, and on Wednesday announced $296 million to upgrade 23 schools over four years. There would also be $9.9 billion for education over the forward estimates in the budget. Health funding will make up one third of the state's operating budget, a figure of $14.6 billion over four years - a boost of $1.6 billion from last budget's figures.
Perth Now
4 days ago
- Business
- Perth Now
State budget to tackle debt, deficit, AFL dream
Asset sales could be on the cards as a Liberal state government tries to reel in ballooning debt and deficit as well as fund its AFL dream. Tasmania's Treasurer Guy Barnett will hand down his maiden budget on Thursday, six months after taking over when his predecessor resigned over a ferry delivery saga. Updated estimates for 2024/25, released in February, showed deficit for the financial year would rise from $793 million to $1.2 billion. It also predicted net debt to reach $9.6 billion by 2027/28, up from the previously slated $8.6 billion. Mr Barnett recently refused to rule out the sale of state-owned companies, after the government commissioned a report to investigate potential privatisations. The budget would contain a "very clear" path to surplus, Mr Barnett said, despite the fact projected surpluses had been pushed back in recent years. The estimated price tag for a new Hobart stadium, a condition of the Tasmania Devils entering the AFL, has risen from $755 million to $945 million. The government is relying on borrowings to make up the difference, after pledging to "cap" its contribution to the project at $375 million. A larger spend is also needed to build the team's high performance centre, which has blown out from $70 million to $115 million. Costs have risen for a new port to berth delayed Spirit of Tasmania vessels in Devonport, with the latest figure up $188 million to $493 million. Former treasurer Michael Ferguson, who was the minister responsible for the project, dropped his portfolios because of delays to the ships' delivery. The government has been spruiking health and education funding, and on Wednesday announced $296 million to upgrade 23 schools over four years. There would also be $9.9 billion for education over the forward estimates in the budget. Health funding will make up one third of the state's operating budget, a figure of $14.6 billion over four years - a boost of $1.6 billion from last budget's figures.
The Age
23-05-2025
- Sport
- The Age
‘Well, we're out of a job': Tassie boss on what happens if stadium proposal falls over
Loading Tasmania Devils chief executive Brendon Gale has publicly declared a list of potential candidates for the club's inaugural senior coaching position. Six coaches are on the Devils' hit-list, with Gale confirming former Collingwood coach Nathan Buckley was 'a man of great interest,' after Buckley himself declared that he was a chance to be the first coach of Tasmania, if he was wanted. Speaking at a breakfast in Southbank on Friday, Gale also admitted the club had gone to the market for a football boss too soon, and will revisit the appointment later this season around the time many clubs wrap up their campaigns for 2025. Gale said the names on the shortlist to be the first coach of his club include: Buckley, Geelong dual premiership coach Chris Scott, former Sydney premiership coach John Longmire, former West Coast premiership coach Adam Simpson and outgoing Port Adelaide coach Ken Hinkley. Reigning premiership coach Chris Fagan, who is also a proud Tasmanian, wasn't mentioned publicly but Gale later confirmed to this masthead that he was a person of 'significant interest', whether that be as senior coach or in an overseeing role. 'I've got great respect for Nathan, as a competitor and what he's done in coaching, he's been a very successful coach at a very complex club to manage at times,' Gale quipped as he smiled in the direction of former Magpies president Eddie McGuire. 'I think he's a continuous learner and I think people tend to get better at things in life, through success and through failure. So, he's a man of great interest. 'Chris Scott's coaching record is formidable. There's a bloke over in Sydney who goes alright, who's betwixt and between at the moment. Talking about tough environments, Ken Hinkley, it's pretty tough over there. Adam Simpson, history would suggest it's really hard to win premierships from Perth; he made two grand finals.
Sydney Morning Herald
23-05-2025
- Sport
- Sydney Morning Herald
The six coaches on Tasmania Devils' radar to lead the AFL's 19th team
Loading Tasmania Devils chief executive Brendon Gale has publicly declared a list of potential candidates for the club's inaugural senior coaching position. Six coaches are on the Devils' hit-list, with Gale confirming former Collingwood coach Nathan Buckley was 'a man of great interest,' after Buckley himself declared that he was a chance to be the first coach of Tasmania, if he was wanted. Speaking at a breakfast in Southbank on Friday, Gale also admitted the club had gone to the market for a football boss too soon, and will revisit the appointment later this season around the time many clubs wrap up their campaigns for 2025. Gale said the names on the shortlist to be the first coach of his club include: Buckley, Geelong dual premiership coach Chris Scott, former Sydney premiership coach John Longmire, former West Coast premiership coach Adam Simpson and outgoing Port Adelaide coach Ken Hinkley. Reigning premiership coach Chris Fagan, who is also a proud Tasmanian, wasn't mentioned publicly but Gale later confirmed to this masthead that he was a person of 'significant interest', whether that be as senior coach or in an overseeing role. 'I've got great respect for Nathan, as a competitor and what he's done in coaching, he's been a very successful coach at a very complex club to manage at times,' Gale quipped as he smiled in the direction of former Magpies president Eddie McGuire. 'I think he's a continuous learner and I think people tend to get better at things in life, through success and through failure. So, he's a man of great interest. 'Chris Scott's coaching record is formidable. There's a bloke over in Sydney who goes alright, who's betwixt and between at the moment. Talking about tough environments, Ken Hinkley, it's pretty tough over there. Adam Simpson, history would suggest it's really hard to win premierships from Perth; he made two grand finals.
