Arabic version: توقّعات باستمرار ديون تي تي-لاين حتى عام 2052
According to ABC News, Spirit of Tasmania operator TT-Line is expected to remain in debt until 2052, following years of delays and cost blowouts in its replacement-ferry project. The state-owned company’s two new Bass Strait ferries are expected to begin operating in October.
The project has cost $717 million more than forecast when it began in 2018, largely because of cost overruns for new berth facilities at Devonport. The Tasmanian government announced a $506 million bailout this year, including $200 million in the 2026–27 budget, while TT-Line’s borrowing limit rose by $400 million to $1.4 billion.
Before parliament’s public accounts committee, TASCORP chair Gary Swain said TT-Line would carry a high level of debt for a considerable period and would need careful monitoring by its lender. He said meaningful debt reduction was not expected until the early 2040s, with the debt forecast to be cleared in 2052. TASCORP chief executive Heath Baker said debt was expected to fall below $1 billion by the 2030 financial year, assisted by the government cash injection.
Swain said TT-Line could be constrained in its capital options but that it was highly unlikely a government would allow the publicly owned service to fail. He said TASCORP was confident TT-Line could meet debts when due within the context of the government guarantee. The committee also heard TASCORP expected to soon consider longer-term borrowing limits and the company’s debt profile after a September meeting. ASIC has written to TT-Line’s auditor seeking an update after Tasmania’s Auditor-General last year formed the view the company was insolvent, a position TT-Line has disputed.
