The Tasmanian Government is stepping up with a substantial budget aimed at easing the cost-of-living squeeze and paving the way for a brighter future under the 2030 Strong Plan for Tasmania’s Future. With a record investment of over $550 million in relief measures, the new budget is designed to make life more affordable for Tasmanians facing mounting economic pressures.
Premier Jeremy Rockliff highlighted that the financial strain on residents has intensified due to a series of interest rate hikes and national inflationary trends. To counter these pressures, the government is injecting record funds into various initiatives aimed at reducing everyday costs. “We are delivering record cost-of-living relief to support Tasmanians through these challenges,” Premier Rockliff stated. He also pointed to the Supercharged Renewable Energy Dividend, which is already saving each household $250 and providing small businesses with a $300 credit.
A key component of the 2024-25 Budget is the continued implementation of the 2030 Strong Plan for Tasmania’s Future, which includes significant investments in public services. Since June 1, Tasmanians have benefitted from half-price bus and ferry fares, effectively doubling the number of rides for the same cost. For students and children, travel now costs just $1 per trip, putting more money back into family budgets. The government is also expanding its school lunch program, which offers healthy meals to students in 60 Government schools, potentially saving families up to $950 annually.
Another major initiative is the removal of stamp duty for first-time homebuyers. Recognising that stamp duty can be a significant barrier to homeownership, the government has abolished it for those buying existing homes valued up to $750,000. This move aims to make it easier for young buyers to enter the property market.
The budget includes numerous other measures to ease the financial burden on Tasmanians. These include over 100 different types of concessions, such as energy bill relief, council rates relief for pensioners, and water and sewerage concessions. Additionally, four new child and family learning centres will be established in Smithton, Longford, Scottsdale, and Huonville, offering free services like Kids Clinics, psychologists, and speech therapists.
The government is also expanding the Private Rental Incentive, adding 200 homes to provide affordable rental options for low-income Tasmanians. The Ticket to Play scheme will be expanded, providing $100 vouchers for children of families receiving the Family Tax Benefit Part A Supplement. A new Ticket to Wellbeing program will offer vouchers of up to $100 for those with Health Care or Pensioner Concession Cards, while a Veteran Wellbeing Voucher Program will cover gym and sports club fees.
Other measures include up to 2,000 additional loans through the No Interest Loan Scheme, the continuation of energy efficiency upgrades in social housing, and an increase in the land tax threshold from $99,999 to $124,999. A new Apartment Incentive Rebate scheme will offer a 50 per cent discount on stamp duty for new medium-density apartments or units valued up to $750,000.
The government is also focusing on energy efficiency, supporting small businesses with audits and extending the Energy Saver Subsidy, which provides a 50 per cent discount on energy-efficient appliances if paired with a no-interest loan. Additionally, access to over-the-counter medications will be expanded, and prescription supply will be extended to reduce GP visits. The Patient Travel Assistance Scheme will be reformed to simplify financial assistance for patients, while major hospitals will offer free TV and Wi-Fi in district hospitals. The Royal Flying Doctor Service will also extend oral health services to concession card holders and children on the East Coast of Tasmania.
Overall, the 2024-25 Budget underscores the Tasmanian Government’s commitment to addressing immediate cost-of-living concerns while investing in long-term benefits for the community. By implementing these measures, the government aims to ensure that Tasmania remains an attractive place to live, work, and raise a family, with a focus on supporting the needs of its residents through challenging times.
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