As we implemented our ambitious Economic Recovery Plan, the impact on Albertans was almost immediate.
And, on February 23, 2022, I was able to stand in this House and present Alberta’s first balanced budget in a decade.Today, Alberta is leading the nation in economic growth. Today, with a rapidly diversifying economy, there are career opportunities that didn’t exist even a few years ago. It means more available fiscal room, and thereby more runway and capacity should we experience another economic shock.Today, Alberta’s at 10 per cent – the lowest in all of Canada.
Just days ago, Applexus Technologies announced they were moving their Canadian headquarters to Calgary, creating 125 tech jobs.De Havilland Canada is moving its head office to Alberta, and it’s building an aerospace centre and manufacturing plant that will employ 1,500 people. But, Mr. Speaker, I want to be crystal clear here – and it’s important that our colleagues across the floor hear this – governments do not create wealth. They create the conditions favourable for investment attraction and wealth creation. And over the last four years, this government was relentless in its focus to make Alberta the best place to do business in North America.Article content
Mr. Speaker, Canadians from other provinces and those new to Canada are taking note of Alberta’s growing economy, our lower cost of living and the abundant opportunities we offer.Article content Fueled by supply chain constraints, global unrest and our federal government’s irresponsible fiscal policy, inflation is making life more costly for all Albertans – at home, in business, and in government.Article content
In fact, since the federal impact assessment legislation, Bill C69, was passed in 2018, there has not been one project subject to the act approved in all of Canada. Not only has Canada lost out on billions of dollars of investment that would have created more jobs, better paying jobs, and greater financial stability for Canadians, we have turned our back on a world that desperately needs what we offer, including responsibly produced energy.
In fact, Mr. Speaker, if Canada is serious about reducing GHG emissions, the best thing we can do is export clean burning Canadian LNG. The second key then, Mr. Speaker, is to maintain responsible fiscal management into the future through a framework, a series of well-calibrated fiscal rules and guardrails. We are introducing legislation which will require a balanced budget.
To further position Alberta’s economy for investment attraction, we are introducing a non-refundable tax credit for agriculture-processing and manufacturing investment. This carefully calibrated incentive will build on our broad-based value proposition and ensure we’re able to compete with neighboring jurisdictions growing our value-added agriculture sector.
In addition to the 10,000 post-secondary seats created last year, Budget 2023 is allocating $111 million to expand seats in construction, tech, business, and energy; and another $11 million for aviation training with the new Bachelor of Aviation program. Over $180 million is earmarked for upgrading or expanding facilities around the province, including a new School of Business building at MacEwan University and a Power Engineering and Instrumentation lab at Northwestern Polytechnic.
This challenge is less about bricks and mortar, but instead a lack of front-line health care professionals. President of Treasury Board and Minister of Finance Travis Toews discusses the Alberta 2023 Budget during a press conference in Edmonton, Tuesday Feb. 28, 2023.Although Alberta has the youngest population in Canada, it is estimated that the demand for long term care beds could double in the next 25 years. We are investing more than $1 billion dollars over the next ten years to ensure that our loved ones, the ones on whose shoulders we stand, will receive the care they need in their later years.
And targeted affordability payments will support families, seniors, and our most vulnerable. Under this Action Plan, the student loan interest rate will be reduced and the no-interest, no-payment grace period will be extended to one year after graduation. Mr. Speaker, with so many families recognizing Alberta’s incredible value proposition and choosing Alberta, additional resources are required for our K-12 education system.
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