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Overview
Budget 2023 secures Alberta’s bright future by transforming the health-care system to meet people’s needs, supporting Albertans with the high cost of living, keeping our communities safe, and driving the economy with more jobs, quality education and continued diversification.
The budget forecasts a surplus of $2.4 billion in 2023-24. Fiscal responsibility is key to achieving our strong fiscal standing and sustainable program delivery in the future. We are committed to paying down debt while positioning our economy for growth and investing in Albertans' top priorities.
What the budget means for you
Budget 2023 continues to provide inflation relief to help with the rising cost of everyday necessities, makes historic investments in health care and education, attracts more investment to help businesses and entrepreneurs thrive, and enhances community policing and access to addiction and mental health supports to keep Albertans and communities safe.
Economic outlook
Alberta is well positioned to face potential economic challenges. Our economy has fully recovered from the pandemic downturn and is expected to lead the country in gross domestic product (GDP) growth at 2.8%. Solid energy prices and population growth are expected to support investment and provide relief to Alberta's tight labour market, but rising borrowing costs and prices will continue to dampen consumer spending.
Revenue
Alberta's revenue is projected to be $70.7 billion in 2023-24 and remain above $70 billion for the next few years. Fears of a looming global recession are expected to soften commodity prices, while investment income is expected to recover well after dropping last year.
Expense
Budget 2023 secures Alberta's future by prioritizing fiscal responsibility and living within our means, while making spending decisions that support the long-term sustainability of the programs and services that are important to Albertans. The total expense for 2023-24 is $68.3 billion, which is $2.6 billion more than the forecast for last year.
Capital plan
Alberta's 3-year capital plan secures jobs and prosperity for Albertans by investing in infrastructure projects that help strengthen our health-care system, enhance safety and security and provide essential services and supports. Nearly $23 billion in priority capital project funding will support 20,000 direct and 12,000 indirect jobs each year through to 2025-26.
Watch the news conference
Finance Minister Travis Toews provides details on Budget 2023.
News
- March 28, 2023
President of Treasury Board and Minister of Finance Travis Toews issued the following statement on the federal government’s 2023-24 budget:
- March 24, 2023
Budget 2023 will increase public safety throughout the province with $27 million to hire more Alberta Sheriffs and by providing new tools to fight rural crime.
- March 24, 2023
Alberta is partnering with two long-standing organizations to support opportunities for youth in the skilled trades and technology industries.
- March 23, 2023
Alberta’s government is committed to ensuring francophone students have the resources, spaces and opportunities they need to grow and succeed.
- March 22, 2023
Alberta’s government is strengthening the work of regional economic development alliances to support economic growth and prosperity throughout the province.
- March 21, 2023
Alberta’s government continues to provide Ukrainian newcomers with settlement supports as recommended by the Premier’s Advisory Task Force on Ukraine.
- March 21, 2023
Budget 2023 is investing $2 billion over three years in municipal funding, which includes a change to make municipalities full partners.
- March 20, 2023
Alberta’s government is increasing funding over the next three years to address complexities in the classroom.
- March 17, 2023
Alberta’s government is investing $9.5 million into grant programs to help combat racism and promote multiculturalism.
- March 17, 2023
Budget 2023 commits $23.8 million to meet newcomers’ needs as they settle, work and prosper in Alberta.