Another big deficit Budget and a Total Public Debt of $29 billion means simply that a grim reality show, "Death By A Thousand Cuts", has been given a new chapter; this one is written by Finance Minister, Siobhan Coady. Like her predecessors, she does not understand the concept of "can't afford". We are, therefore, brought a step closer to the opening act of a "Play" that will open soon in every neighborhood in this province.
The essence of the annual Budget ritual is captured in
Statement I of the 2020-21 Estimates. The Government is spending $7.65
billion against only $5.43 billion revenue.
The math confirms a cash deficit of $2.2 billion
(which includes $332 million of capital works).
Forecast revenue is down by approximately $0.5 billion, reflecting 44.6% lower oil royalties than received last year, exposing a severely impacted domestic oil industry.
