Making Choices - The 1998 Pre-Budget Public Consultation
"The Future is in Our Hands"
[Excerpts from "Prospects
`98" - a speech by Premier Brian Tobin, January 7, `98]
"The decisions we take
this year must stand the test of time. We can no longer afford
short term solutions to the long term problems we must face head
on. In the 1997 Budget, we laid out a three year fiscal framework
that will put our finances on the right track. Government made a
commitment to prudent financial management, while making
strategic investments in key areas - areas that people had told
us were priorities - heath, education and other social programs.
We made difficult but responsible decisions that, at the end of
this three year period, will move us toward a sustainable
balanced budget.
Economic forecasts are encouraging, but a quick look around the Province is enough to see that the turnaround has already begun. There is a renewed confidence. This is a time for optimism, cautious optimism. There are important gains, but the larger gains in revenues and employment are still a few years away. It will be several more years before government begins to reap financial rewards in the form of significant royalties and taxes.
In the meantime, it is vital to stay the course. We must resist demands for major new expenditures in order to make sure the old cycle of deficit and debt is avoided. That way, when the benefits of Hibernia, Voisey's Bay and other developments are actually in Government hands, those revenues can be used for the benefit of the people of this Province."