Tasmanian Treasurer Guy Barnett delivered his first state budget on Thursday 29 May alongside Premier Jeremy Rockliff.
The second budget for the re-elected government forecasted a net operating deficit of $1b for 2025-26, which is projected to reduce to $850.1m in 2026-27. The government estimated $7.3b in net debt for 2025-26, increasing to $10.8b by 2028-29.
Unemployment was recorded at 3.8 per cent in April 2025. Separately, GST is the largest source of income for the state – 40 per cent of government revenue in 2025-26.
Revenue measures
Total revenue in 2025-26 is estimated to be $9.5b. Taxation revenue is estimated to be $1.9b accounting for 20 per cent of the total revenue.
Similarly to other state budgets delivered, no new or increases to taxes were delivered in this budget.
Consistent with pre-budget announcements, the stamp duty exemption for first home buyers of existing homes up to the value of $750,000 has been extended.
If you wish to discuss the Tasmanian State Budget announcements, please reach out to a Grant Thornton Partner today.
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