Finance
May 14, 2018

House of Assembly Passes Budget 2018 - Building for Our Future

The Honourable Tom Osborne, Minister of Finance and President of Treasury Board, is acknowledging the House of Assembly’s passing of Budget 2018 – Building for Our Future. Budget 2018 positions Newfoundland and Labrador to return to surplus in 2022-23 while supporting the delivery of programs and services, and creating new business and employment opportunities.

Budget 2018 – Building for Our Future benefits residents of all ages through investments in health care, healthier living, early childhood development and the K-12 and post-secondary education systems, and supports more inclusive, sustainable communities. It will also support an environment that fosters industry development, support access to new services, and stimulate the economy through investments in infrastructure.

Highlights of Budget 2018 – Building for Our Future include:

  • A minimum five per cent reduction in the tax on automobile insurance over four years, from 15 per cent to 10 per cent;
  • A $619.7 million investment in infrastructure, which is a part of a $2.5 billion five-year plan that will create 5,300 person years of employment annually;
  • $160.8 million to improve provincial roads;
  • Significant improvements to mental health and addictions services, including the replacement of the Waterford Hospital;
  • Actioning recommendations of the Premier’s Task Force on Improving Educational Outcomes;
  • $61.6 million for early childhood development, which will improve accessibility of child care for low and middle income families;
  • More than half a billion dollars for the province’s post-secondary education system;
  • Increasing the threshold for the provincial payroll tax from $1.2 million to $1.3 million;
  • $121 million to support low income seniors, individuals, families and persons with disabilities; and
  • Over $75 million to support communities.

Budget 2018 delivers on commitments in The Way Forward to strengthen the province’s economic foundation, operate a more efficient public sector, and deliver better services and better outcomes for residents. The Way Forward outlines all actions the Provincial Government is taking to achieve a strong, diversified province with a high standard of living, and can be viewed at thewayforward.gov.nl.ca.

Quote
“Under the leadership of Premier Dwight Ball, government has been able to advance these initiatives while positioning the province to return to surplus in 2022-23. Building for Our Future is a solid plan that balances the need to manage our province’s fiscal situation with the importance of ensuring access to high quality programs and services and creating opportunities for industry and economic success. We will continue to be diligent in managing government expenses and explore opportunities that benefit Newfoundlanders and Labradorians.”
Honourable Tom Osborne
Minister of Finance and President of Treasury Board

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Learn more
Budget 2018: Building for our Future – gov.nl.ca/budget2018/

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Media contact
Marc Budgell
Finance
709-729-2477, 689-0430
marcbudgell@gov.nl.ca

2018 05 14                                                    4:45 p.m.