Provincial budget promises record revenue and record spending

After a one-day delay, Finance Minister Siobhan Coady delivered the provincial budget in the House of Assembly today.

Reducing the small business tax rate, as well as taking meaningful action to cut red tape and speed processes to support business and drive economic activity.Record investments in infrastructure for health, education, and housing.Projected deficit of $152 million for 2024-25, which represents 1.5 per cent of revenues.Projected revenues for 2024-25 are $10.3 billion – an increase of 7.8 per cent and the highest in the province’s history.Of the $10.

Oil revenues in 2024-25 are expected to represent 15 per cent of overall revenues compared to 33 per cent in 2011-12.Forecasts of economic indicators show Newfoundland and Labrador as having one of the highest rates of economic growth for 2024 among provinces. Real GDP: forecast to increase by 5.1 per cent in 2024, primarily due to a rebound in oil and nickel production.Unemployment rate: expected to remain on par with the record low in 2023 at 10.0 per cent in 2024.Retail sales: forecast to increase by 2.8 per cent in 2024.Capital investment: expected to increase by 3.0 per cent to $9.6 billion in 2024.Focusing on balanced budgets – the provincial deficit has decreased from $1.5 billion in 2020-21 to $152 million estimated in 2024-25.

Source: News Formal (newsformal.com)

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