NL Government Passes Budget 2018

Tom Osborne, NL Minister of Finance, announced the House of Assembly’s passing of Budget 2018 yesterday.

According to a government NL press release, Budget 2018 positions Newfoundland and Labrador to return to a surplus in 2022-23.

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.

NL Budget 2018 can be viewed at gov.nl.ca/budget2018/

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