On April 7, 2022 the Government of Newfoundland and Labrador announced its 2022 Operating Budget. The Atlantic Chamber of Commerce (ACC) is concerned with the ongoing deficit spending by the provincial government as well as the lack of prioritization of economic recovery. Newfoundland and Labrador’s deficit will be $351 million this year with a goal to return to a surplus budget in 2026/2027. Government’s previous long-term forecast made during Budget 2016 had the province returning to surplus in 2022.
The Atlantic Chamber of Commerce recognizes the financial strain that has been placed on all governments due to COVID-19 and Newfoundland and Labrador is not immune to these economic impacts. It is encouraging to see Government had announced measures to strengthen the office of the Auditor General and introduce balanced budget legislation.
ACC was pleased to see Government’s commitment of $25 million over the next four year to improve internet and cellular connectivity as well as $35 million to support economic development initiatives, including: research and development, commercialization, investment attraction, regional development, and business growth activities. Businesses are ready for economic recovery, and government should be taking the necessary steps to clear the path of regulatory burdens and ensure an ease of doing business in Newfoundland and Labrador.
Access to qualified workers is an enormous concern for businesses across the region and Newfoundland and Labrador’s budget does not fully address this issue. ACC was pleased to see the $208 million for skills training, but the budget did not have any initiatives or investments in population growth or talent attraction. Newfoundland and Labrador should prioritize supports and investment in attracting newcomers to the province to contribute to the labour market.
ACC recognizes the efforts made in Budget 2022 to jumpstart the economy, but the fastest way to foster an economic recovery is to improve economic conditions for business. ACC looks forward to continuing to work with the Government of Newfoundland and Labrador as we recover and move forward beyond the pandemic.
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NL Budget 2022: Atlantic Chamber of Commerce Applauds Long-term Financial Restraints, But Cautions Against Short-Term Planning Measures
Friday, April 8, 2022
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Business Truth & Reconciliation
The Atlantic Chamber of Commerce is taking proactive steps to promote reconciliation and respect for Indigenous rights within the corporate sector. In response to the Truth and Reconciliation Commission's Call to Action 92, the Chamber urges its members to embrace the United Nations Declaration on the Rights of Indigenous Peoples as a guiding framework. This entails a commitment to meaningful consultation, fostering respectful relationships, and obtaining the free, prior, and informed consent of Indigenous peoples before embarking on economic projects. Moreover, the Chamber advocates for equitable access to employment, training, and educational opportunities for Indigenous communities, ensuring they reap sustainable benefits from economic development initiatives.
Recognizing the importance of education, the Chamber encourages businesses to provide comprehensive training for management and staff on the history of Indigenous peoples, including the legacy of residential schools, Indigenous rights, and Aboriginal-Crown relations. Emphasizing intercultural competency, conflict resolution, and anti-racism, these efforts aim to foster a more inclusive and harmonious corporate environment rooted in mutual understanding and respect.
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