Mums and their families have taken an estimated $3 million hit, with the Federal Treasurer Wayne Swan slashing the baby bonus for second and subsequent children.
TASMANIA has been given a $40 million GST revenue boost, after the Federal Government released its mid-year budget report yesterday.
But mums and their families have taken an estimated $3 million hit, with Federal Treasurer Wayne Swan slashing the baby bonus for second and subsequent children to $3000 from $5000 as the Government cuts spending.
The Federal Government's Mid-Year Fiscal Outlook shows Tasmania's GST receipts will be about $40 million higher next financial year than forecast in the State Budget, Premier Lara Giddings said yesterday.
A war of words quickly erupted about how the state should spend its surprise windfall.
Economist Saul Eslake told the State Government to "not spend it on anything", but to lessen debt.
The state Liberals warned the Government to find other ways to boost the economy, on the back of a number of reports during the past week critical of the state's economy.
Federal Labor member for Franklin Julie Collins encouraged the State Government to consider whether any windfall should be placed into infrastructure or back into services.
Ms Giddings, who is also the Treasurer, said yesterday it was too early to determine what impact Commonwealth-announced saving strategies, such as a reduction in the baby bonus, might have on Tasmania.
With an estimated 1700 baby bonus payments made in Tasmania each year, the local economy could lose about $3.4 million a year.
Ms Giddings said despite the fiscal outlook appearing to show a downturn in GST receipts on paper, because of a different methodology used for calculations, State Treasury modelling of the outlook suggests Tasmania will get a $40 million boost in revenue during this financial year and $93 million in the next four years.
Ms Giddings was buoyed by the prediction yesterday, after a lengthy period of decline in GST receipts crimped the Tasmanian Budget.
But she was coy on whether the boost would allow the Government to get next year's Budget into the black.
"While modest, this $40 million increase reverses a trend which has seen Tasmania's share of GST fall dramatically since the height of the global financial crisis," she said.
"This is the sign of confidence growing across Australia."
Ms Collins said yesterday any increase in GST receipts posed a number of questions for the Government to consider.
"The question now for the State Government is: What will it do with the additional funding?" she said.
Ms Collins said Tasmanians needed to have a debate about whether extra money should be invested in education and health, job-creating infrastructure projects, such as the Bellerive Oval development, or both.
Mr Eslake said Tasmania should be holding on to any extra cash it gains, particularly with the Federal Government's GST review still under way.
The review, expected next month, could change the GST carve-up and outweigh any short-term gains.
Opposition Treasury spokesman Peter Gutwein said "the small increase in GST funding is welcome".
"But we've also got to do more to help ourselves."
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