Deputy Premier Michael Ferguson outlines his goals for Northern Tasmania

Following the resignation of former Premier Peter Gutwein, the Liberal party has undertaken a swift leadership transition, with former Deputy Jeremy Rockliff taking on the role of premier, while Michael Ferguson will act as his right-hand man.

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Despite having leadership ambitions of his own, Mr Ferguson said now was the right time for Mr Rockliff to lead the party - assuring the premier of his unwavering support.

"You don't get into politics if you're not a bit ambitious, but I really strongly came to the view that it's Jeremy's time, and the best role I can do is to support him to make the Rockliff government successful," he said.

"He won't have to look over his back with me, I'm very good at being loyal."

While Mr Rockliff secured the votes to become Tasmania's 47th premier unchallenged, the role of deputy saw a brief contest between Mr Ferguson and Tasmania's Attorney-General, Elise Archer.

Ms Archer nominated before Mr Ferguson and said she believed she had the experience to take on the role and would bring a greater gender and geographical diversity to the government's leadership.

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Describing Ms Archer as a "good friend" Mr Ferguson said he has spoken with the Attorney-General before the vote, which she ultimately chose not to contest.

"Elise chose not to nominate on the day and support both myself and Jeremy and it's something that I recognise and appreciate in her," he said.

"We're friends and colleagues and our team together have a great affection for each other and a sense of unity."

Having just lost a premier from the North of the state who represented regional issues, Mr Ferguson, also a Northerner, said he would carry on Mr Gutwein's legacy of advocating for the region.

Launceston and the greater North are integral to the DNA of our government," he said

"There is an unmistakable fingerprint of commerce and enterprise and rolling up your sleeves and getting something done that I believe is part of the Northern character."

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As well as being the Deputy Premier, Mr Ferguson will now hold the purse strings of the state's finances after being named Treasurer. He confirmed the 2022-23 budget would be delivered on May 26.

With the state's books taking a significant hit during the coronavirus pandemic, Mr Ferguson said the priority for the government would be in stabilising the economy.

"The pathway that we're laying out in this budget will be about continued strong management, but also stability for the Tasmanian economy."

While the budget parameters were set under the previous Treasurer, Mr Ferguson confirmed housing, education and health would all receive a significant investment.

He said the funds that had been made available during the pandemic to strengthen the state's health services would continue to flow, while also confirming if the federal government agreed to 50/50 funding of the state's hospitals the government would not decrease its contribution.

"As a state government, we are a strong proponent for 50/50 activity-based funding and we would have no difficulty in agreeing to a requirement that we not reduce our effort," he said.

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The Treasurer also advised the state government were still negotiating the final service list to be provided by the Launceston General Hospital and Calvary co-located hospital, saying the partnership only worked with the right services.

"The co-location is in my view necessary for Launceston and for the health system in Northern Tasmania," he said. "It can only go ahead with the right service mix so that it's actually complementary to the LGH to take some of the pressure off the LGH and allow the LGH to focus on those core acute services that shouldn't be replicated in a private hospital.

"Until we get to a mutually agreeable outcome with Calvary, we're still placing tension in that process."

On housing, Mr Ferguson said he would work closely with State Development Construction and Housing Minister Guy Barnett to develop affordability policies, which included providing greater incentives for people to save for a smaller deposit, while also looking at co-investment options from the state government for prospective homeowners.

He said the government was on track to deliver 1500 new homes by 2023.

"I made sure it was before I departed that portfolio, but as we now progress to 10,000 over 10 years, the budget will support that major initiative by government," he said.

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