Alex Allinson's inaugural financial plan outlines £1.2bn of government spending in 2023-24.
Boosts to health care services and education have been revealed in the Isle of Man's budget.
To cover the increases in spending the budget draws on a total of £152m of reserves, which Dr Allinson said would "gradually reduce over the following four years". Disability living allowance and child benefit are among the benefits set to rise by 9.8%, while the maternity, paternity and adoption allowance will get a 16.8% uplift.
"We're trying to maintain our expenditure in those key public services that people trust and use, he added.
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