Happy New Year! My hope for you and you family is that you are blessed with good health, happiness, and success in 2023!
There is much progress being made in Alberta throughout all sectors of our economy. I continue to support the Alberta government’s focus on fiscal responsibility, job creation, and diversification. Through the implementation of targeted actions by this government, Alberta’s economy continues to flourish and build a prosperous economic future for our province. Continued high revenues from bitumen royalties, corporate income tax, and other revenue streams have sustained a forecasted surplus of $12.3 billion this fiscal year. Even as economic growth is expected to slow this year across the country and around the world, Alberta’s commitment to fiscal responsibility will ensure the province maintains its position as the economic engine of Canada.
With revenue forecast at $76.9 billion and expense at $64.6 billion, this surplus is allowing Alberta’s government to pay down debt by $13.4 billion this fiscal year. This reduces taxpayer-supported debt to $79.8 billion and saves Albertans millions in interest payments. The government will commit another $10.8 billion over the next three years towards savings, debt reduction, and other priorities to further secure Alberta’s future economic prosperity.
Alberta’s economic outlook remains solid, but risks are increasing. High inflation, rising interest rates, and geopolitical unrest are slowing global economic activity. Alberta’s economy is positioned well to weather these challenges. Oil prices have softened but remain robust, boosting revenues in the energy sector. Strong growth in non-energy business output has also boosted export revenues and corporate profits. Investment is gaining momentum and Alberta’s housing market is faring much better than the rest of the country. The province’s strong fundamentals, including a young and growing population, high earnings, and a low cost of living, will continue to support growth in the years to come.
Albertans can share their views and ideas for Budget 2023 by filling out an online survey. The online submission portal is open until January 15, 2023. Please visit alberta.ca/BudgetConsultation.
Mike Ellis MLA, Calgary-West
MLA – Calgary West Mike Ellis proudly serves the following Communities: Aspen Estates, Aspen Woods, Christie Park, Discovery Ridge, Signal Hill, Springbank Hill, Strathcona
