Budget 2023 focuses on improving healthcare and mental health services, increasing access to affordable housing, and promoting a sustainable economy. Furthermore, the plan provides financial support for those impacted by inflation. Overall, the budget addresses ongoing and systemic challenges faced by British Columbians.
Budget 2023 Investment HIGHLIGHTS
Over the next three years, the government will invest:
~$6.4 Billion in Public Healthcare
This will includes investments in cancer care, mental health services, and addiction services, as well as training and support for health-care workers and family doctors.
~$4.2 Billion in Housing
This is the largest investment of its kind in BC history. It will focus on getting “people into homes they can afford” and includes initiatives for renter, Indigenous people, and middle-income families, along with new actions to tackle homelessness.
~$4.5 Billion to Address Inflation
This includes new spending measures and tax credits like the renter’s tax credit, the BC Family Benefit, and the Climate Action Tax Credit.
Additionally, the government will provide $2.7 billion in investments for BC communities and organizations in 2022-23, including $1 billion for the Growing Communities Fund and $150 million for the BC Cancer Foundation.
The budget also includes investments in natural resources, transportation, post-secondary education, and skills training. This includes support of the Future Ready plan to improve access to post-secondary education and skills training to help people get trained and working in high-demand fields. There is also funding earmarked to assist small and medium-sized businesses in “finding and implementing technology and practical solutions to current labour market challenges and prepare for a changing global economy”.
The plan projects declining deficits over the next three years, with a $4.2 billion deficit in 2023-24, decreasing to $3 billion in 2025-26.
For the full Budget 2023 plan, read more via the BC Government news release here.