Norway will tap its oil fund for 1.2 billion kroner in extra funding, in addition to the public spending announced when the revised budget for 2024 was unveiled earlier in the spring.

The country’s minority government, comprised of the Labour Party and Centre Party, has turned to the Socialist Left Party to secure a majority for its budgets.
During the negotiations to secure support, new policies are typically put forward by the Socialist Left Party.

The budget was agreed on Monday and will pass through parliament before summer recess.

“It has been crucial for us that the revised national budget should give people throughout Norway a better everyday economy, ensure safety and predictability for people and business,” fiscal spokesperson Ole André Myhrvold from the Center Party said.

Families will see child benefits increased for all children over six. This support will increase 256 kroner a month or 3,072 kroner per year. Once the budget has gone through parliament, payments will be increased from September 1st.

Younger people will also benefit from cheaper dental bills. The cost of dentistry will be heavily subsidised, 75 percent for 25-and-26-year-olds.

More student accommodation would also be built. Student organisations have warned recently that too many pupils at universities have been forced into the private rental market.

The country’s state housing bank would also receive more money, tenants’ rights would be strengthened, and housing support would be increased. The parties have said that a housing package will help get more people onto the property ladder.

READ ALSO: Everything you need to know about the Norwegian State Housing Bank

Significant investment will be made in offshore wind. The parties have promised to invest at least 35 billion kroner in offshore wind. The money will be used to finance and develop 5-10 TWh of energy. The oil industry will have taxes increased to pay for the investment in wind farms.

Several opposition parties have praised the budget for increasing child support. However, the main opposition party, The Conservative Party, was critical of the use of oil money.

“Despite the fact that the government and Socialist Left Party have turned the revised national budget into a completely new state budget, there are no proposals to give Norway more to live on after oil,” the Conservative’s fiscal policy spokesperson Tina Bru has said.

“The use of oil money is increasing, and taxes are still at a record high level. This is not a budget for the future,” she added.