newfoundland & labrador budget

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Furey budget kicks ‘spending’ can down the road

The reduced deficit relies largely on oil and gas royalties and transfers from Ottawa.

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Furey government must reduce compensation for government-sector workers

Government salaries and benefits comprise approximately 42 per cent of the province's spending.

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Debt interest burden highlights Newfoundland and Labrador fiscal crisis

At $2,055 per person, the province's government debt burden is the highest in Canada.

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Personal income tax rates are being hiked across the board, between one and three percentage points depending on income.

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This year’s deficit is projected at $1.8 billion, equivalent to 6.2 per cent of the provincial economy.