The latest warning from global ratings agency S&P confirms what Tasmanians already know: after 11 years of the Liberals, Tasmania is heading toward a credit rating downgrade – and financial disaster.
S&P has said that Tasmania will have the largest budget deficits of any state over the next four years, and Tasmania’s debt will blow out by more than 600% by 2029 - far, far worse than any other state.
When the Liberals came to power, Tasmania had $208 million in the bank. They’re now on track to rack up $13 billion in net debt, with interest payments heading toward $700 million a year – more than we spend on our ambulance service and emergency departments combined.
Tasmania has already been placed on a negative outlook, and it is crystal clear that without a Fresh Start a credit downgrade will follow. A credit downgrade will mean even higher interest payments on the Liberals’ record debt.
Labor has a plan to clean up the Liberals’ mess – starting with $1 billion in savings now, a commitment to direct revenue windfalls to paying down debt, and a Budget Repair Roundtable bringing business, unions, and the community sector together to undo 11 years of Liberal budget mismanagement. It’s a plan that has now been backed by business, unions, and the community sector.
The Liberals’ plan is to ignore this growing crisis, rack up more debt, and then sack 2,500 nurses, teachers, and public servants to pay for it.
The only way to deliver the Fresh Start Tasmania needs is to vote Labor. A vote for independents or the Greens will risk another Liberal Government with more arrogance, more debt, and the sale of our assets.
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Josh Willie MP |
