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[Member Publication Notice] New Brunswick Budget 2023/2024

Date: March 23, 2023

New Brunswick’s budget projects the surplus will shrink to $40 million due to tax reductions, inflationary pressures, and program commitments.

Spending will increase 5% mainly to fund health care, education and public housing. Health care accounts for 50% of the increased spending this year while education accounts for another 24%.  

Over the next three years, total revenues are expected to grow 1%, on average, due to less tax revenues and slow economic growth.

APEC's 20-year fiscal projections indicate health care costs will increase 5% per year due to population growth, aging and inflation. The new health care agreement with the federal government will provide about $135 million on average per year over the next decade, or less than 4% of health spending.

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