Mr. Speaker, this budget strikes the right balance between genuine economic optimism and present fiscal realties. Economic predictions are for an international recovery this year. We also would benefit from a national recovery, and should make a leading contribution to it. We do face fiscal challenges next year. But we have dealt with a series of fiscal challenges over our term. Dire financial predictions were made by some about the fiscal year just ending and the one now beginning. We have maintained a responsible fiscal plan for both years.

For certain, growing the economy is the best plan for the province, and under this government our economy has prospered. We now have a record number of people employed. And of the new jobs created, 63 percent are outside the greater St. John�s area. The province has real economic momentum going which we must continue to build on. This government is contributing to a positive economic climate by maintaining a responsible fiscal position. Yet we have again made major investments in health, youth, education and helping those most in need, as well as infrastructure and jobs and growth.

This budget gives stability while the global economy sorts itself out. The budget maintains funding for all important social programs. As well, it contains a number of important new initiatives. It responds to advice we received from people all over the province. We believe this budget represents sound, practical government. It is my pleasure to present it today, the first budget of the newly named Province of Newfoundland and Labrador.