March 28, 2024
Siobhan Coady’s latest budget is filled with details on a full array of government programs. We dug into the paperwork and found some specific ways the budget will affect ordinary people in the coming year.
A light effect on your pocketbook: The new budget includes no tax increases, nor any changes to the dozens of fees that the government and its agencies charge for services like licences and applications. Inflation is pegged at 2.6 per cent over the last year, which means the government expects you to continue to feel the pinch of the cost of living.
A healthier economy: After a slump in gross domestic product, the government is expecting a bump in real GDP this year of 5.1 per cent. Housing starts are expected to be up by one-third from last year’s 978.
Jobs: The government is forecasting the provincial unemployment rate to hold steady at 10 per cent over the next year, and to glide down to as low as 8.3 per cent over the next four years.
Debt: With new net borrowing of $1.6 billion forecast for 2024-25, the net debt is edging up to $17.8 billion. That sum works out to roughly $33,000 for every person in Newfoundland and Labrador.
Small business: The tax rate for small businesses dropped in January from three per cent to 2.5 per cent. The province expects about 6,200 small employers to benefit.
Water: Municipalities are getting $50 million for water and wastewater projects.
Fighting fire: Fire departments are getting $400,000 more this year to help them respond to areas outside their municipal boundaries.
Housing: New social housing units will pop up outside the metro St. John’s area, with $36 million set aside for 100 homes in Corner Brook, central Newfoundland and Labrador West.
Getting around: Officials will hand over almost $4 million to “improve air access.”
Daycares: This year’s budget includes funding to create 6,000 more spaces at $10-a-day child-care centres by 2026.
Scholarships: The province will spend $75,000 for 75 graduating high school students, to celebrate the — yep — 75th anniversary of Confederation.
Electric vehicles: The government is ponying up $1.1 million to add to the province’s infrastructure for cars that run on batteries.
Year of the Arts: A marketing tentpole of the upcoming tourism season, the Year of the Arts and the 75th anniversary of Confederation will have a $10-million boost.
Infrastructure: A mid-sized theatre in St. John’s gets $8 million, and Marble Mountain gets $1 million. There’s also $13 million highlighted for a “new indoor domed turf facility” for year-round sports and recreation.
More doctors? There’s now money set aside for new family care teams in St. John’s, Portugal Cove-St. Philip’s, Lewisporte and the Springdale area, and money to hire more professionals for the 19 teams that already exist.
Flashy app: Politicians have earmarked $5 million for a new app they’re calling MyHealth N.L., which they bill as a “user-friendly” online platform offering “easy access to health-care services and health information.”
Shorter wait times — hopefully: With more beds at St. Clare’s Mercy Hospital, more money for virtual care, and more mobile clinics that will bring services directly into communities, the government is hoping to see shorter waits for medical service.
Free drugs: A broader selection of subsidized medications for lower-income residents will be offered, with 20 new medications added to the prescription drug program.
Mental health resources: The government is investing $14 million to “expand options” for mental health care and awarding more than $2 million more to crisis and harm reduction teams across the province.
If you’re aging, you’re in luck: The 2024 budget includes almost $90 million just for residents over age 65, including a “well-being plan,” aging centres in hospitals and more money for stroke and dementia programs. The bulk of that cash will help fund a 15 per cent increase to the seniors’ benefit.
