Premier Darrell Dexter expects the panel to finish its work by fall. (CBC)

Nova Scotia's NDP government is looking to four economic advisers to come up with a financial action plan.

Premier Darrell Dexter announced the panel Tuesday, calling it the first step off the unsustainable path of a $1.3-billion deficit in three years.

Dexter — just two months into his job — said he welcomes the advice.

"It is our responsibility. We are the point of departure on these issues," he told reporters in Halifax. "But we also want to have the benefit of the best possible advice we can get."

Dexter said the $70,000-panel will review the recent Deloitte consultancy report on the province's finances and identify options for his government.

He said the recommendations for a four-year plan will cover everything from managing spending to generating revenue.

The panel includes:

• Donald Savoie, Canada Research Chair in Public Administration and Governance at the University of Moncton.
• Elizabeth Beale, president of the Atlantic Provinces Economic Council (APEC).
• Tim O'Neil, former vice-president of the Bank of Montreal and past-president of APEC.
• Lars Osberg, research professor with the economics department at Dalhousie University.

Dexter said the four panellists are highly credible and widely recognized for their experience.

Breaking campaign promises?

Opponents accuse the premier of trying to wriggle out of campaign promises to balance the budget next year and not raise taxes.

Diana Whalen, Liberal finance critic, expects the panel will have some tough advice for Dexter.

"If you know accounting, there's only two ways to get more money — you're going either to raise more revenue or you're going to cut your expenses. They've made promises to do neither," she said.

Dexter will only say that any decision will require careful consideration.

Finance Minister Graham Steele released the Deloitte report Monday, saying it was proof that the previous Progressive Conservative government didn't reveal the true extent of the province's financial problems.

Steele said if the province continued on the path set by the Tories, the annual deficit would be $1.3 billion by 2012-13 and the debt would rise to $16.7 billion.

The panel is expected to complete its work this fall.

The NDP's first budget will be tabled after members of the Nova Scotia legislative assembly return to Province House on Sept. 17 for the fall session.