For the first time since 2004, Tasmania has entered a new financial year in net debt.
Shadow Treasurer Shane Broad said today's Preliminary Outcomes Report shows that Peter Gutwein has lost control of the budget and has no plan to fix it.
"Peter Gutwein is running the largest budget deficit in Tasmanian history," Dr Broad said.
"The Treasurer has taken the $208 million in net cash and investments he inherited from Labor when he became Treasurer and turned it into $459 million in net debt, it is simply unbelievable.
"Mr Gutwein has overseen a downgrade in the Moody's credit rating and deteriorating operating position.
"He must now be honest to Tasmanians. He must admit he has lost control of his budget and use the August Budget to outline a way to fix the mess he has created."
Dr Broad said that only a matter of weeks ago, Peter Gutwein reassured the House that he would stick to his timeline to get the Budget back to surplus.
"Today he broke a promise to Tasmanians that was only a few weeks old.
"Our state cannot afford to continue to ride the wave of unexpected GST revenue as a form of keeping the Budget in the good.
"As Tasmania's net debt grows, so too does the list of failed infrastructure projects, the public health waitlist and the public housing waitlist.
"Premier Gutwein must address the issues in the Budget, otherwise he risks not only putting Tasmania in a catastrophic debt position, but failing to deliver the much-needed funding to vital services across the state."
Shane Broad MP
Shadow Treasurer
