The cost of reviving the Adelaide 500 Supercars race has blown out to nearly $35 million this year, with the South Australian government yet to confirm its economic benefit to the state.
The mid-year budget review (MYBR) revealed an extra $13.9 million was needed to bring back the event and fulfil the major Labor Party election commitment.
Initially $21 million had been set aside for the race.
Treasurer Stephen Mullighan said the extra costs related to track upgrades and purchasing infrastructure sold off by the former state government.
"This is a testament to the short-sightedness and vandalism that [former premier] Steven Marshall and the former Liberal government undertook when they flogged off the Adelaide 500 assets," Mr Mullighan said.
Shadow Treasurer Matt Cowdrey disagreed.
"The Premier understood what was required to stage the 500 this year and what we've seen is a clear inability to budget for election commitments made," Mr Cowdrey said.
Mr Mulligan said the event had been a "raging success" but the exact economic benefit for the state was still unknown.
"When we've had successful events in the past where more than 250,000 people have gone to these events, we've seen economic benefits of between $40-$45 million from the event — we don't get that economic analysis until next year," he said.
Cash for child protection and events
The MYBR revealed significant spending on child protection and events across the state in the next four years.
More than $26 million will fund 33 full-time residential carers by 2026 in the child protection department, after several damning reviews.
The Major Evens Fund will be bolstered by $12 million, which will help attract events like LIV Golf, the treasurer said.
However, no new cash has been allocated to the Women's and Children's Hospital build or the North-South Corridor.
Mr Mullighan said the money required for those projects would fall outside the next four years.
He was confident the Federal government would tip in half of the extra $5.5 billion needed for the North-South Corridor in next year's May budget.
The opposition accused the government of shifting major project costs for the new Women's and Children's Hospital and North-South Corridor outside the forward estimates to balance the books.
Mr Cowdrey said funding for both projects were included in the forward estimates when the Liberal Party were in government.
"What South Australians have is a Premier who is buy-later, pay-later, and setting South Australians up for long-term economic pain," Mr Cowdrey said.
More revenue and less debt forecast
Mr Mullighan said a combination of budgeted but unspent money and better than expected state-based revenue as well as a GST windfall saw surpluses forecast over the forward estimates.
The MYBR confirmed that state debt was $904 million better than expected in 2021-2022, with a deficit of more than $800 million recorded.
A surplus of $206 million is forecast for 2022-23 before growing each year for the next three years.
Estimated GST revenue has been revised up to $419 million next financial year, and by a further $1.7 billion by 2025-26.
Non-financial public sector net debt is forecast to hit $33 billion by 2025-26.
