In her annual report released today, Kim MacPherson says the $3.3 billion increase in the net debt over the last five years is a disturbing trend.
In August, the provincial government said the net debt was $10 billion.
MacPherson says there have been some positive signs, including last year's reduction in the deficit compared to the previous year, resulting in a slowing of debt growth.
But MacPherson says there has not been enough progress on improving the province's finances.
She says she welcomes a government commitment to return to balanced budgets by 2014-15, but wants a long-term plan for decreasing the net debt.