Yesterday the Province released its budget which puts people and a strong economy first, and makes significant investments in climate action and reconciliation. Affordability, economic prosperity and inclusion, and bold action on climate change and reconciliation are key priorities for Victorians. I’m grateful that the Province’s budget reflects our values as a community.
The investments announced will help to make life more affordable for families in Victoria. And they are also key investments to help keep Victoria’s economy sustainable and make it more inclusive. Affordability is a critical issue for our residents and business community, particularly the most vulnerable and working families who are struggling to make ends meet.
The new BC Child Opportunity Benefit will provide important and unrestricted funding for families with children until the age of 18. This will help to strengthen the social fabric of our communities. Parents won’t have to make hard choices between sports equipment, or ballet lessons and putting food on the table; children will have opportunities for more enriching experiences.
New funding for people living in poverty and for mental health and addictions will ensure that our most vulnerable residents finally get the help they need. And the elimination of interest from all BC student loans will set young people on a more affordable life path.
The Province’s historic $902 million investment in the CleanBC plan will help British Columbians to take serious climate action and reduce carbon pollution. In order to reduce carbon pollution in Victoria by 16%, we need to retrofit buildings at a rate of 2% per year. Whether the $41 million energy retrofit incentives in the budget will be enough to push people to action or whether bolder action still required is yet to be seen. But the budget offers a good first step.
Reconciliation is also a key element in the Province’s budget in two important ways. The most obvious is a new revenue sharing agreement between the government and BC First Nations which will see $3 billion in gaming revenue transferred to First Nations over the next 25 years, including $300 million in the next three years. This will create more autonomy for First Nations communities to invest in their communities as they see fit. There is still more work to do to have true economic reconciliation, but this gesture in the budget is a good next step.
The less obvious but equally important focus on reconciliation in the budget is that for the first time ever, relatives who are caring for children will receive the same funding as foster parents. This will help to keep Indigenous children with their families where they belong, and out of foster care.
For those interested in the details, you can read the full budget here. This chart is a good summary of how the Provincial government raises revenue and how it spends it.