Residents of the province face the highest provincial government debt interest costs in the country.
newfoundland & labrador budget
Since 2021/22, the province has spent 89 per cent of all new revenue.
The province's debt is on track to grow faster than its economy.
According to Alaska’s constitution, the state government must deposit 25 per cent of all mineral revenues into its fund each year.
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.
When the province's resource revenues declined by roughly 22 per cent, the government did not commensurately reduce program spending.
Newfoundland and Labrador's budget deficit stands at $825 million.