'Short-term pain' to wrestle Tasmanian budget back to black in two years
Tasmania's Treasurer Eric Abetz is set to present a budget that forecasts a deficit for the upcoming financial year but anticipates a net operating surplus of $192.5 million the following year. He acknowledges that there will be 'short-term pain' as the state works to reduce its debt, which is projected to peak at $10 billion by the end of the decade. The budget aims to secure Tasmania's financial future while avoiding new taxes, focusing instead on spending cuts and long-term fiscal sustainability.
- ▪The 2026-27 budget is expected to deliver a deficit for the upcoming financial year.
- ▪A $192.5 million net operating surplus is forecast for the following year.
- ▪Treasurer Eric Abetz stated that achieving a surplus is essential for future financial stability.
Opening excerpt (first ~120 words) tap to expand
'Short-term pain' to wrestle Tasmanian budget back to black in two years, Abetz saysBy state political reporters Josh Duggan and Lucy MacDonaldTopic:BudgetThu 21 May 2026 at 5:15amThu 21 May 2026 at 5:15amThu 21 May 2026 at 5:15amEric Abetz says "now is the right time to start paying down the debt and focus on our future generations". (ABC News: Maren Preuss)In short:Treasurer Eric Abetz's 2026-27 budget is expected to deliver a deficit for the upcoming financial year. But, a $192.5 million net operating surplus is forecast for the following year.Mr Abetz has said there would be "short-term pain", but that "my colleagues and I have put together something which I believe will serve Tasmania's long-term interests, and especially for the next generation".What's next?Mr Abetz will deliver the…
Excerpt limited to ~120 words for fair-use compliance. The full article is at ABC News (Australia).