Jobs are up, the budget is balanced, and Alberta has finished the fiscal year strong.
Thanks to a growing economy, improved energy prices, and a commitment to fiscal discipline, Alberta ended the 2021-22 fiscal year with a budget surplus of $3.9 billion, the first surplus in seven years. Further, the Alberta Heritage Savings Trust Fund grew to its highest net value in Alberta’s history!
This is a strong economic turnaround that all Albertans can celebrate, and an opportunity to save resource revenue for future generations and avoid past mistakes that led to today’s debt burden. Going forward, we will continue to focus on sound fiscal management. Our new set of fiscal anchors have already worked to get Alberta’s finances back on track. This includes keeping Alberta’s net debt-to-GDP ratio well below 30% and aligning our overall spending levels with other comparable provinces.
Alberta has the fastest growing economy in the country, the lowest taxes, and an affordability advantage relative to other provinces of similar size. And with more than 200,000 new jobs created since 2021 and unemployment at its lowest level since 2015, it’s fair to say the Alberta Advantage is back.
Despite all this good economic news, we know Albertans are struggling right now with high costs due to rising inflation. I want you to know that we are working to immediately make life more affordable for families and businesses. We are extending the fuel tax cut on gasoline, diesel, and marked farm fuel until at least the end of September and introducing natural gas rebates. We will also be providing over 1.9 million households, farms, and small businesses with electricity rebates to ease the burden of utility bills.
In every corner of the province and in all sectors of the economy, optimism is growing for the future – and our government is working tirelessly to continue this economic momentum, while making life more affordable for working families.
MLA – Calgary South East Matt Jones proudly serves the following Communities: Auburn Bay, Cranston, Mahogany, Seton
