N.L.’s net debt has ballooned to $18B, says AG
CBC
Newfoundland and Labrador's Auditor General is warning the province’s net debt is growing — and more could be done to address it.
Denise Hanrahan said for the 2024-2025 fiscal year the province's net debt is $18.4 billion and it is costing the province $890 million a year in interest.
“Obviously, I'm concerned with a province that has our population and demographics and level of debt,” she told reporters Thursday.
According to her report on the province’s 2025 financial statement audits, the debt burden is worth more than $33,000 for each person residing in N.L.
“When you look at us per capita, is when it really hits home for me particularly, and to think that what people of the province owe,” Hanrahan said.
The report outlines 132 areas where the province could better, including everything from improving documentation to fraud prevention.
Hanrahan said 75 of the recommendations are new but 57 are outstanding from last year.
“So what that means is that for every five recommendations I made, two have not been actioned in more than a year."
Hanrahan's audit also showed nearly $80 million in bonuses paid to physicians and nursing staff since 2022 seems to be helping with recruitment and retention.
“Early indications are of a positive impact,” said Hanrahan.
According to the report, the province paid approximately $57 million in physician bonuses between April 2023 and April 2025, and $20.4 million in nurses bonuses between April 2022 and October 2025.
The report found there was a 13.2 per cent increase in physicians in 2025. As for nurse practitioners, the vacancy rate for nurse practitioners dropped to 19.9 per cent, and licenced practical nurse vacancy dropped to 5.5 per cent, and the registered nurses vacancy rate decreased by 5.1 per cent as of July 2025.
“It would appear that these actions are leading to improvements in recruitment and retention,” said Hanrahan.
A year ago Hanrahan recommended the provincial government, then led by the Liberals, keep an eye on financial incentives aimed at recruitment and retention, and highlighted concerns of overpayment and fraud.
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