Canadian Taxpayers Federation released a report last week warning Manitobans about the province’s increasing debt.

“Billions of taxpayers’ dollars are being wasted on debt interest payments because the government is irresponsibly borrowing too much money,” said Gage Haubrich, CTF prairie director.

“The government needs a plan to find savings and dig Manitoba out of this financial hole.”

The CTF report details how the provincial government has increased the debt since 2016-17.

Key findings of the report include:

• Manitoba government debt has increased by 61 per cent from 2016-17 to 2025-26
• Each Manitoban’s per capita share of the provincial debt is about $24,831
• Debt interest payments have cost taxpayers almost $18 billion since 2016-17
• Debt interest payments represent about 21 per cent of provincial government tax revenues.

The government will waste $2.3 billion on debt interest payments this year. Debt interest payments cost taxpayers more money than all but the two largest government departments.

The government pays more in debt interest payments than it collects in education property taxes, the health and education tax, corporation taxes, fuel taxes and the land transfer tax combined.

“This report should be a wakeup call for the government that Manitobans can’t afford any more debt,” Haubrich said.

“Premier Wab Kinew needs to control spending and work to pay down Manitoba’s increasing debt.”

The Manitoba Debt Report can be found online at www.taxpayer.com.