Released on February 28, BC’s Budget 2023 focusses on affordability, housing, safety and health, skills development, and a clean, sustainable economy.
The Province is investing almost $6.4 billion in public health care, $4.5 billion in affordability measures, $4.2 billion in affordable housing, and $1.4 billion to support a sustainable economy. In addition, the previously-announced $1 billion Growing Communities Fund comes from this year’s provincial surplus. Budget 2023’s 3-year fiscal plan presents declining deficits, with a projected $4.2 billion deficit in 2023-24, declining to $3 billion in 2025-26.
“B.C. is a great place to live, but people are facing real challenges – not only from global inflation and the pandemic, but from ongoing and systemic challenges,” said Katrine Conroy, Minister of Finance. “This year’s budget helps protect people who can’t afford today’s high prices and takes action on the issues people care about, like finding affordable housing and accessing health care.”
BC Economic Development Association released a summary by Jamie Vann Struth summarizing key economic development outcomes and initiatives from Budget 2023: https://www.bceda.ca/docs/Economic_Development_Highlights_of_2023_BC_Budget.pdf. Highlights include:
- Creating a sustainable economy in collaboration with Indigenous Peoples
- Preparing the workforce for high-demand occupations through skills development
- A variety of new spending for forestry and climate change initiatives
- Implementation of an updated Provincial housing plan, to be released this spring
Additionally, $85 million has been earmarked for improving highway and community cellular connectivity.
The Business Council of BC (BCBC) released a statement in response titled, Budget offers up big plans to grow government, but little to grow the economy. The release points to concerns over increased capital spending, annual operating deficits and provincial debt, and claims that Budget 2023 does not address the rising cost of doing business in BC.
“We recognize the pressure to address challenges in the health care system, social services and rural communities, and also to deal with rising living costs for many British Columbians,” said Ken Peacock, BCBC’s Chief Economist. “However, government spending is set to advance at a record pace, which is likely to pose fiscal risks over the medium term. In addition, Budget 2023 contains no substantive measures aimed at driving long-term economic growth, improving business investment conditions, boosting productivity, or reducing business costs.”
For more information on BC’s 2023 budget, visit https://news.gov.bc.ca/28293.
Photo Credit: Red Arrow Brewing, courtesy of 4VI
