The Canadian Taxpayers Federation is calling on the Lantz government to rein in spending after its fall fiscal update showed borrowing ballooned to $459.3 million, which is nearly $50 million overbudget.

“Premier Rob Lantz told Islanders his government would irresponsibly borrow $410 million and it still went overbudget,” said Devin Drover, CTF Atlantic Director. “This government treats its own budget like a suggestion and taxpayers are stuck paying the interest on its broken promises.”

The government is spending $101.3 million overbudget, pushing projected borrowing to $459.3 million. This is up $49.4 million from the $409.9 million forecast in April. The government’s borrowing has gone overbudget in every fall fiscal update since the last election in 2023.

The province’s net debt has grown from $2.6 billion at the end of 2023-24 to a forecast $4.4 billion this year. That works out to more than $24,000 owed for every man, woman and child on the Island.

The update also shows interest charges running $3.8 million over overbudget because interest rates were higher than the government assumed.

“Every dollar wasted on interest is a dollar that can’t fix a road, hire a nurse or cut taxes for Island families,” Drover said. “Four budgets, four broken borrowing promises. Islanders deserve a government that spends within its means instead of sending the bill to future generations.”