Budget 2019 reflects a commitment to responsible fiscal management and a promise to balance the budget in 4 years. It's focused on creating jobs and delivering public services and infrastructure to support private sector investment and a vibrant society.
Alberta's successive provincial deficits have created a serious financial situation and a debt burden that has reached $62.7 billion. Government spent almost $2 billion on interest (debt servicing) last year – more than what was spent on 17 out of 21 ministries.
Economic growth is expected to slow to 0.6% in 2019 reflecting market access challenges. The economy will pick up strength next year, but it will take time for the labour market to fully recover. Although growth prospects are solid, external risks are high for Alberta's trade-and-energy driven economy.
Total revenue is forecast to remain flat at $50 billion in 2019-20 and $50.1 billion in 2020-21, before increasing to $57.5 billion in 2022-23. A modest but realistic oil price outlook, along with market access issues, impede revenue growth over the next two years. This reality means spending reductions are necessary.
We have delivered on our commitment to reduce the tax burden on Albertans and Alberta businesses by repealing the carbon tax and cutting corporate tax rates. Shifting to a low-rate, broad-based tax approach will encourage economic diversification, create jobs, and make Alberta one of the most competitive places to invest within North America by 2022.
Families and communities will continue to enjoy the public infrastructure they need. The plan honours previous commitments to build and maintain key projects such as roads, schools and hospitals. Direct municipal support will be adjusted to recognize the current fiscal environment and allow for some sharing of gains as provincial revenues improve.
Download detailed documents outlining the government's financial plans.
Watch Premier's Address
Premier Jason Kenney speaks about the plan for Alberta.
- Dec 06, 2019
Orders approved – December 5, 2019
- Dec 05, 2019
Seven months into government’s mandate, 162 out of 375 commitments are met or well underway.
- Dec 03, 2019
President of Treasury Board and Minister of Finance Travis Toews issued the following statement on Moody’s decision to revise Alberta’s credit rating:
- Nov 18, 2019
Implementation of Budget 2019 continues as government introduces Bill 22, the Reform of Agencies, Boards and Commissions and Government Enterprises Act, 2019.
- Nov 12, 2019
Budget 2019 includes $4.4 billion to build and repair highways across the province to support Alberta’s economy and improve safe travel.