Atlantic Chamber Recognizes Balanced Approach of 2023-2024 Newfoundland and Labrador Budget But Urges Government to Consider Steps that Improve Conditions for Business

Windsor, NS (March 23, 2023) – The Atlantic Chamber of Commerce (ACC) recognizes the balanced approach taken by the Government of Newfoundland and Labrador with key investments being made in housing, healthcare, and workforce development in Budget 2023/2024. ACC gives credit to the government for its focus on these important areas, but notes there have been no new measures introduced to help reduce the cost of doing business which is critical for improving economic conditions.

The budget features no new tax or fee increases and a modest deficit of $160 million. Government is committing to creating 850 new affordable housing units, $140 million to assist with workforce development and training, and $19.2 million to assist with settlement supports for newcomers. Government is also projecting a surplus for 2024/2025.

“Budget 2023 makes significant steps to improving areas of Newfoundland and Labrador’s labour market,” says Sheri Somerville, CEO of the Atlantic Chamber of Commerce. “These investments will be critical for growing the province’s economy. ACC would like to see the government take further steps to improve economic conditions by now focusing on reducing the cost of doing business.”

The importance of the government’s investments in the labour market cannot be overstated. While it increased the threshold for the payroll tax for impacted employers from $1.3 million to $2 million, there is still significant work government can do by reducing the cost of doing business. The Government of Newfoundland and Labrador should prioritize the reduction of regulatory compliance burden for businesses as it is one of the most effective and cost-efficient ways to grow the economy.

With Budget 2023/2024, the government has signalled a desire to grow the economy. Newfoundland and Labrador could see considerable growth if the government continues to prioritize economic growth. Business remains willing to collaborate with Government to grow the economy and attract investment.  

About the Atlantic Chamber – The Voice of Atlantic Canadian Business
The Atlantic Chamber of Commerce (ACC) is the largest accredited business organization of influence in Atlantic Canada representing more than 16,000 businesses through its network of 90 Chambers of Commerce and corporate partners in the four Atlantic Provinces. For more than 125 years, ACC has served as the voice of Atlantic Canadian business and actively partners with its members and other organizations to help create a strong, vibrant, and growing Atlantic Canada.