The state-owned company that operates the Spirit of Tasmania ferries was insolvent when its books were audited in August, Tasmania’s Auditor-General has found.
TT-Line directors have rejected the finding, insisting the business remains viable despite ongoing financial pressures.
Auditor-General Martin Thompson handed down his verdict in a report on state entities released on Monday.
He said he concluded the government-owned company could not meet its longer-term debts when he signed off on its accounts three months ago.
“As a result, when I issued my audit report on 19 August 2025, it was my opinion that TT-Line was insolvent,” he said.
The…