No tax increases in provincial budget

This afternoon, Deputy Premier and Minister of Finance Siobhan Coady delivered the provincial budget.

There are no increases in taxes. The deficit is forecasted to be $372 million. The net debt is $20 billion. The province expects to return to a balanced budget by 2026.

Newfoundland and Labrador will continue to have the lowest gas tax in Canada. The 50 percent deduction on vehicle registration will continue, and the home heating rebate will continue to be issued.

$110 million was announced for early childhood education. The Education Department will receive $20 million for the teaching budget. More funding was allocated to MUN and CNA. K-12 schools will receive five million dollars for technology devices and infrastructure.

The government has allocated $ 10 million to reduce backlogs and 6 million for addiction recovery. There will be $3 million dollars for cancer care and money for the integration of ambulance services.

There is a small increase in the senior benefit. There will also be $10 million to construct provincially owned homes in Western and Central Newfoundland and Labrador West. $32 million to construct or complete over 180 homes. Nearly $4 million to launch speed cameras and funding for new police and correctional officers.

The population is forecast to rise by 0.2 per cent in 2025, with net natural losses being more than offset by international and interprovincial in-migration.

Total employment is forecast to decline by 1.2 per cent in 2025, primarily due to the effects of United States tariffs on the Canadian and local economy.

The unemployment rate is expected to be 10.8 per cent.

The rate of consumer inflation is expected to increase to 2.5 per cent, mainly due to Canadian counter-tariffs on the United States driving up consumer prices.