TasCorp revealed in December that a full review of TT-Line's finances was underway amid rising debt levels brought on by the biggest infrastructure stuff-up in Tasmanian history, the Spirits fiasco.
It was also confirmed during Government Business Enterprise hearings that TT-Line had been operating in breach of their debt agreement with TasCorp for more than six months and were on track to exceed their current borrowing limit of $1 billion.
TasCorp said they were expecting the review of TT-Line's finances imminently. Given the track record of the Liberal minority government managing the state's finances, it is in the public interest for them to provide and update immediately, including if a revised business case, forward projections and a potential increase in the loan facility has been finalised.
Is TT-Line still in breach of its debt agreement? Is it still slated to breach a billion dollars' worth of debt because of the Spirits debacle?
Nearly twelve months ago TT-Line made a secret bailout payment to a Finnish shipbuilder - now TT-Line may require its own bailout from the Liberal minority government drowning in debt.
A bailout for TT-Line would add another sorry chapter to this whole fiasco. The Liberals already face a potential credit downgrade for their record debt, are they planning to add the bailout payment to the credit card bill for future generations to deal with?
Premier Rockliff's ferry fiasco has already cost the Tasmanian economy billions already and TasCorp's review of TT-Line's finances will reveal whether it's set to cost even more.
Josh Willie MP
Shadow Treasurer
