Budget includes new output-based carbon pricing for industry
B.C. Finance Minister Katrine Conroy brought down a recession-geared budget Tuesday that is heavy on social spending and public sector pay increases, and projects deficits for at least three more years.
The budget is heavily focused on spending for health care, housing and social programs. It contains $1.4 billion in new operating and capital spending this year. It includes a long-promised $400 renter’s rebate. “I think we’ve proven during the pandemic that we can incur deficits by supporting people, but we still have a strong economy,” Conroy said. “It’s just not the right time to start making cuts.”
Taxpayer supported debt is forecast to hit $99.4 billion by 2025-26, which would put the province’s debt-to-GDP ratio at 23 per cent. The budget projects resource sector revenues will decline 21 per cent in 2023. It anticipates less natural gas drilling, with revenues from bonus bids to fall from $131 million in 2022-23 to $77 million in 2025-26.
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