Cleaning up the state’s finances has become a political priority and Labor in its May state budget introduced a $31.5 billion “COVID-19 debt repayment plan”.
Treasury has forecast net debt to grow from about $135.4 billion next year to $171.4 billion by 2026-27.
Both major parties, releasing their election costings two days before the November election, proposed policies that would have made short-term improvements to the budget but which could cost taxpayers in the future.
It is a DBD - a pyramid scheme, still in use by Universities and some Military Super.
The defined benefits scheme, which closed to new members in the 1990s, sets a defined amount of super a public service worker would receive in retirement.
The scheme, which remains unfunded, has relied on regular contributions from the state to ensure its liabilities are met by 2035. Top up payments from the government have previously averaged about $1 billion a year to reduce the liability from the current $17.461 billion, as forecast in the 2022 pre-election budget update.
