Finance Minister Craig Pardy went before the microphones on Friday to answer questions from the media about the Federal budget, which was released the day before. He says it was what they expected focused around productivity in terms of “Building Canada Strong” and affordability measures for Canadians. Meanwhile, the provincial government has launched consultations online and in person in preparation for the next budget here coming in the spring. Pardy says when preparing budgets they need to look at cost sharing through federal programs.
As well, Pardy says the federal government has fallen a little short on their health transfer payments to the province. British Columbia, Manitoba, PEI and the Yukon have signed agreements with the feds under the National Pharmacare Program but NL has not. The program provides free coverage for a range of diabetes and contraception medications. Pardy was asked about the lack of Pharmacare money in the latest federal budget and says it’s something the province wants and is pursuing.
Sky high oil prices have led to over $600M in excess revenue for NL so far this year and Pardy says 80 percent will be used to pay on the debt with the remaining going to affordability measures, like a cut to electricity bills, doubling the heating rebate and a one time cash payment for eligible seniors. Pardy expects oil prices to stay high.
The federal government’s budget outlines spending of more that $602B, with revenues of slightly more than $540B, resulting in a deficit of $62.3B.
