Some labour and business leaders in Newfoundland and Labrador are calling the recent federal budget disappointing for what they say is a lack of equality and exclusion of business, but the finance minister says the budget is an overall positive one for this province.

Mary Shortall, president of the Newfoundland and Labrador Federation of Labour, said "disappointed is the overall position," adding she was hoping to see more details emerge to support a pharmacare program in the province.

"We were really anticipating what this plan is going to look like, because there are still hundreds of people in the province who can't afford their medications," Shortall said.

"They are choosing between rent and drugs, so we really do need a universal and public, accessible, affordable pharmacare program."

Union representatives gather Tuesday evening to watch the federal budget announcement. (Meg Roberts/CBC)

Shortall said child care is the other issue that was not addressed in the budget, tabled Tuesday by federal Finance Minister Bill Morneau.

"With child care we pay among the highest rates in the whole country. It is stopping a lot of women from entering the market," said Shortall.

"There is not much of a gender or an equality statement throughout this."

Business left out

Nancy Healey, chief executive officer of the St. John's Board of Trade, said she isn't pleased with the amount of spending Ottawa planned for.

"It's continuing to add to its deficit and to its debt and we really don't think that is prudent in a time when there is no recession, there is no war," said Healey.

Nancy Healey, chief executive officer with the St. John's Board of Trade, says the federal government should be cutting down on spending. (Meg Roberts/CBC)

Healey also thought attention to business was left out of the final budget before the federal election.

"We think that business is the engine of the economy and we think for the most part we were missed," she said.

However, Healey said the ultimate ramifications of the budget are still unclear, and they'll have more to say in the coming weeks.

New ferry, home-buying program

Meanwhile, provincial Finance Minister Tom Osborne said at "first blush," the federal budget appears to be positive and will mean good things for Newfoundland and Labrador.

Osborne points to news of procurement of a new ferry for Crown corporation Marine Atlantic to "modernize its fleet," and changes to the Canadian Mortgage and Housing Corporation's new home purchase program, which he said should give a boost to a stifled housing market.

Finance Minister Tom Osborne says he thinks the federal budget points to good things for Newfoundland and Labrador. (Paula Gale/CBC)

"The CMHC put in place new rules a couple of years ago to slow the very hot market in Toronto, Montreal and Vancouver. It had the adverse effect of slowing down markets all across the country, including here," Osborne told CBC's St. John's Morning Show.

"So the changes to the new home purchase program by the federal government will be very helpful to our economy, to people who work in the new home construction, real estate, so that's very positive for us."

The increasing cost of living has been the "biggest concern" Osborne's heard from people in the last three years, citing the cost and expected power rate increases from Muskrat Falls, and it's something being kept high in mind as his office prepares for an April budget.

But Osborne said his department will need more time to do a "deep dive" of Morneau's budget, as well as wait for details of the Atlantic Accord deal, before making any decisions about the province's budget.

Osborne said he's "very optimistic" he will have details on the Atlantic Accord by the March 31 deadline.

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