The Tasmanian Government is taking decisive action to reduce the unfunded superannuation liability the former Labor Government left by introducing the Superannuation Liability (GST Windfall Fund) Bill 2025 in Parliament today.
Treasurer, Guy Barnett, said the legislation delivers on a key election commitment of our 2030 Strong Plan for Tasmania's Future.
"This legislation ensures that when Tasmania receives more GST revenue than forecast by Treasury, 50 per cent of that windfall will be automatically directed into a locked-down fund to pay down Labor's unfunded superannuation liabilities," Minister Barnett said.
"We are cleaning up the debt burden Labor left on Tasmania's books through responsible economic management. It's about securing the future for the next generation and protecting Tasmanian taxpayers.
"Labor raided $1.5 billion out of the superannuation account, meaning Tasmanians are paying nearly $400 million a year to cover these costs due to Labor's gross budget mismanagement."
Under the Bill, a new Superannuation Liability Fund will be created to receive 50 per cent of any GST allocation that exceeds the Budget estimate for the financial year.
Funds in the account can only be used to offset Labor's unfunded superannuation liability, and cannot be redirected or repurposed without the approval of both Houses of Parliament.
"This is about locking in discipline, delivering certainty, and ensuring that extra revenue is used to strengthen the State's balance sheet," Minister Barnett said.
"This fund is a responsible safeguard for Tasmania's future, and a testament to our Government's commitment to sound financial management."
The Bill is expected to be debated when Parliament resumes in May.
