The Tasmanian 2023-24 State Budget was handed down on 25 May 2023. The Government’s key priorities in the 2023-24 Budget are focused on strengthening public services and addressing demand issues in essential service delivery; and strategic investment in infrastructure to promote continued economic growth supporting industry, business and jobs.
Here are some highlights:
Business and industry support
- $750,000 over three years to deliver client-focused services to support existing major industrial businesses, as well as those seeking to bring their business to Tasmania.
- $3.5 million over three years to support the Business Energy Efficiency Scheme for large electricity customers, making a meaningful difference to the way businesses run their operations and putting downward pressure on commercial electricity bills.
- Targeted funding for the small business sector with $685,000 over the next two years for grants associated with the Small Business Growth Strategy 2026.
Tourism and trade
- Extending Tourism Tasmania’s funding for destination marketing, with a further $6 million to continue promotion of the state in interstate and international markets.
- $2.75 million to help Tasmanian businesses compete and succeed in the national and international defence supply chains.
- $780,000 over two years to support the Accelerating Trade Program to help more Tasmanian businesses secure trade opportunities, linking them to national and international trade events and missions.
Agriculture and resources
- A further $2 million over two years to the Agriculture Innovation Fund which builds on the success of the $6 million already invested in Tasmania’s agricultural research and development capability.
- An additional $1.4 million over two years to extend the Weed Action Fund, which tackles serious weeds that impact on valuable agricultural land and the natural environment.
- $600,000 over two years to fund a business case and detailed concept plan to modernise the state’s Water Information Management System.
- Funding to continue initiatives to support sustainability and productivity of abalone stocks and to support the recovery of East Coast fisheries and habitats with $2 million over two years to continue the Abalone Industry Reinvestment Fund.
- $1 million for the Fisheries Digital Transition Project through the Digital Transformation Priority Expenditure Program which will continue to reduce red tape for Tasmania’s commercial wild-capture fisheries by transitioning to digital platforms.
Climate change and renewables
- $3.75 million over two years into the Renewable Energy Plan, progressing the development of new renewable energy projects, the implementation of Renewable Energy Zones in the state, and the continued development of Project Marinus and the Battery of the Nation projects.
- $900,000 over three years to progress the development of the Tasmanian Green Hydrogen Hub at Bell Bay to continue to work with hydrogen proponents and the government businesses to fully realise the potential in the comparative advantages in renewable energy and plentiful water supply.
Education and skills
- Investing more than $660 million into skills and workforce growth over four years, including new funding for TasTAFE infrastructure and additional supports for bold Jobs Tasmania agenda.
- Investing a further $5.5 million into the $10.6 million Jobs Hub initiative, together with a further $1.8 million to secure the Employer of Choice program.
Cost of living
- Over the next four years there is more than $347 million in supports, including:
- $216.1 million for electricity concessions.
- $88.9 million to assist with council rates bills.
- $40.6 million to assist with water and sewerage bills.
- $1.4 million in pensioner subsidies for travel on the Spirit of Tasmania.
- The Budget also includes the state’s half share of the Energy Bill Relief Fund. $45 million in state funding is matched dollar-for-dollar by the Australian Government, providing $90 million to fund rebates of $250 per year for two years for up to 140,000 households and $650 to small business customers this coming financial year.
Communities and culture
- $2.1 million uplift in funding in 2023-24 for community sector organisations to help ease their own inflation.
- Targeted and considered investments into the cultural and creative industries including $2.4 million over four years for arts and cultural production and services.
- $1 million is provided to Screen Tasmania over two years, with a significant benefit to the regional economy.
Budget papers can be found here.