Treasury officials have been tasked to prepare and publish an economic update by May 15 so fiscal impacts caused by the coronavirus can be widely known.
Premier Peter Gutwein made the announcement in a ministerial statement to Parliament on Thursday which provided some detail on the government's plan for economic and social recovery following the pandemic.
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He said the document would include revised government sector financial statements for 2019-20 and 2020-21 as well as updated economic forecasts.
"The Economic and Fiscal Update is being prepared in a highly uncertain economic and fiscal environment and it is too early to accurately forecast the full impacts of COVID-19 on the economy or budget position," Mr Gutwein said.
"In addition, some information is not yet available and, in other instances, assumptions will have to be made in order to be able to present some estimates."
Mr Gutwein in his speech named members of a new council designed to provide advice on social and economic recovery following the virus.
The group will be headed by Don Challen, a former Treasury secretary of 17 years.
Members include former TasCOSS chief executive Kym Goodes, North-West businessman Dale Elphinstone, University of Tasmania Vice-Chancellor Rufus Black, Bank of Us chief executive Paul Ranson, and Children's Commissioner Leanne McLean
Mr Gutwein said the council would assist with advice on strategies and initiatives to support the short, medium, and the longer term recovery from the pandemic.
"It will also identify opportunities for economic and social renewal," he said.
Mr Gutwein said the council would look to sectors in which Tasmania had a competitive advantage, look for opportunities in employment growth, and opportunities for businesses to reinvent themselves in new and emerging industries.
He said the council would need to provide advice on immediate actions and initiatives to the government by July and an interim report containing findings and recommendations by September 2020.
This report would be used to inform the 2020-21 state budget, due to be released in October.
It was announced that the government would provide an extra $20 million for small business - $10 million for a small business grants program and $10 million in hardship grants.
This has meant the total support package for small business from the state government has grown to $60 million.
Applications to both programs will close on May 4.
Mr Gutwein said the government would put in place four safeguards in order for it to start easing restrictions.
He said more testing and tracings, and enhanced rapid response capabilities, would be rolled out.
Mr Gutwein said the state would use the additional 10 million COVID-19 test kits and pathology equipment recently announced by the federal government and Minderoo Foundation to expand testing criteria.
"We currently have capacity to process around 500 tests a day, with surge capacity up to around 1000," he said.
"This enhanced technology will effectively more than double our testing capacity."
Mr Gutwein said the state's border restrictions would remain in place for some time as it was most likely the strongest defence against the virus.
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