The province's net government debt has increased by more than 18 per cent since 2019.
The mining industry plays a central role in the province's economic growth and job creation.
The logic is simple—save resource revenue during good times to cover the shortfall during bad times.
According to the provincial budget, debt will rise from $16.5 billion last year to $17.1 billion this year.
Despite the most difficult fiscal position in Canada, the province increased program spending in nine of the last 10 years.
Ottawa has added new subjective criteria to the regulatory process.
When the province's resource revenues declined by roughly 22 per cent, the government did not commensurately reduce program spending.
The reduced deficit relies largely on oil and gas royalties and transfers from Ottawa.
Government salaries and benefits comprise approximately 42 per cent of the province's spending.
Approximately 72,000 Newfoundlanders and Labradorians made charitable contributions, down from 85,600 in 2008.