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New Brunswick Premier Susan Holt announced a plan to revamp the provincial economy, warning of necessary government spending cuts. In her State of the Province address, she highlighted the need to address financial insecurity and community safety, prioritizing health care and economic growth.

The government will release an economic development plan outlining potential cuts next week, as the province's deficit rose to $834.7 million in November. The plan will focus on closing the productivity gap, attracting investment, and increasing exports, with investments in infrastructure such as ports, airports, and energy.

Holt mentioned opportunities in mining and forestry, and a commitment to expanding the Small Business Investor Tax Credit. The federal government plans to invest $1 billion in New Brunswick's defense sector, while the province aims to add $1 billion to its GDP through agricultural investments and a tourism action plan.