April 4, 2024
Financial Institutions Say Manitoba Budget Presents Credible Path to a Balanced Budget and Provides Real Relief
Manitoba’s fiscal plan has received positive reviews from economists and experts by making smart investments and offering a credible plan to get back to balance, Finance Minister Adrien Sala announced today.
“Our budget provides relief for homeowners and for those who need it most,” said Sala. “It is clear that experts agree our plan puts Manitoba on the right track after seven years of disastrous budgetary decisions that left us with a $2-billion deficit. With this budget, we’ve cut that deficit in half, we’ve lowered Manitoba’s inflation rate and made life more affordable for Manitobans.”
Scotiabank reported Manitoba’s new tax measures are, “incremental and targeted with a focus on affordability”.
“The province continues to ramp up program spending in priority areas like health care and education but keeps the pace within the bounds of revenue growth,” reads a Scotiabank report. “The government managed to build its forecast on pragmatic growth assumptions and kept new policy measures incremental”.
Laurentian Bank said Budget 2024 offered a realistic deficit reduction plan, the minister noted.
“The fiscal house in Manitoba was not in order when the NDP took office after winning the general elections of last fall,” wrote Sébastien Lavoie, chief economist, Laurentian Bank. “Budget 2024 paints a reasonable balancing act including plenty of targeted measures to ease the cost-of-living pain for individuals and a credible path to a balanced budget in the medium-term.”
CIBC Capital Markets reported Manitoba’s spending will narrow the deficit over the medium term. TD Economics called Manitoba’s tax measures on balance and said they will generate savings for Manitobans this fiscal year, largely owing to the extension of the fuel tax holiday.
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