We project the State Budget loss for this year will go from $263m to $400m. Going out to 2014, the result will go from a $655m surplus to at best break even. On all of the State’s financial liabilities, these should increase by $1b in debt by end of 2014 and the unfunded State Super liability will increase by $1.4 billion. All up total State liabilities will increase from the projected $19.5b to around $22b.
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