Check against delivery

Mr. Speaker, it is an honour to rise in the Assembly and present Budget 2026.

While I wish I could stand before you under better circumstances … I am still honoured to rise and present my third budget on behalf of Alberta’s government.

With all that said - Let’s cut to the chase … 

If this budget is passed, Alberta will face a deficit of $9.4 billion this fiscal year.

That’s the reality in front of us.

Albertans deserve to hear that first. Not last. Not softened or buried under technical language.

Budget 2026 carries a substantial deficit … one that is significantly higher than projected last year.

With this shift …  It’s clear - this year will require tough choices.

Some of them won’t be popular.

But all of them will be necessary to face the challenges ahead.

I also want to be very clear – that, yes - Alberta is running a considerable deficit this year …

But we’re not making massive program cuts …

And we’re not raising personal income taxes.

Yes - That personal income tax cut you received last year?

It stays …

And Albertans will see those savings reflected on their paycheques again, this year.

Because we are choosing to take the hit on our books … rather than put that strain on Alberta’s households.

Budget 2026 secures the promises we made to Albertans … despite the challenges.

We know, many provinces are facing deep deficits and will have to make hard choices.

Alberta, is choosing discipline, responsible spending decisions and hard work over the long haul to get back on track.

Here in Alberta - We don’t just hope for another boom.

We don’t panic in the downturns …

We are steadfast in our resolve to protect Alberta’s future.

With Budget 2026 … We’re choosing to focus on heath care, classrooms, and our economy.

We’re choosing to protect the services families rely on every day …

And we are choosing to protect Alberta’s long-term financial strength … so the next generation will have more options to deal with their tough choices.

Costs are higher … global markets are unstable ... and our population has grown faster than any other province in Canada.

Global pressures are testing every energy-producing economy ... and ours is no exception.

Albertans already know this …

They see costs go up everywhere …

They live this reality every day.

But Albertans expect their government to stand firm when times are tough - and that’s exactly what we intend to do.

Where We Stand: The World Around Us

We all know the geopolitical landscape is shifting.

  • Trade tensions are rising,
  • Oil prices are weak,
  • And competition for investment is getting tougher.

Despite these challenges, Alberta remains the best place to live, work, and raise a family.

Record numbers of people have moved here to build better lives …

But that record growth has put real pressure on our housing, schools, hospitals, roads, and public services.

And unlike population booms in the past, where economic growth in Alberta drew people in …

This time, cost-of-living pressures in other provinces are pushing people out … to come here …

The practical effect is that demand for services is rising faster than government revenue is growing.

  • Resource revenue is volatile.
  • Federal policies have led to lost investment opportunity.
  • Global market shifts add uncertainty.
  • And inflation and trade roadblocks have driven up the cost of delivering critical infrastructure and services.

These are all major factors behind the deficit we are facing today … but they’re not the only factors.

Alberta continues to make record investments in core services to meet the challenges of today …

Because ignoring the real pressures in health care, education, and infrastructure would cost Albertans far more than just dollars and cents.

It would cost us opportunity … stability ... and our collective confidence in the future.

The Choices We Made

That's why, with Budget 2026, we are Focused on What Matters …

Because we are putting Albertans’ priorities first and shaping a brighter, more secure future.

We took a hard look at where our efforts could make the biggest difference … and we made the tough calls where needed:

Tough calls:

  • We focused on maintaining the projects and programs that truly serve Albertans,
  • We set a reasonable WTI projection at sixty dollars and fifty cents per barrel,
  • We limited program spending increases with clear, reasonable targets, and
  • We cut red tape and streamlined government processes, so every dollar spent, counts.

In fact, Alberta continues to be the best province in Canada at cutting red tape, slashing more than 220,000 government inefficiencies since 2019.

This has saved Alberta’s businesses, job creators, and industry more than $3 billion … allowing them to provide more for our communities while driving economic growth and opportunity.

It’s our responsibility to protect what matters most.

Not by undermining our competitive advantage …

  • But - by growing our economy,
  • Expanding markets,
  • Attracting investment, and
  • Creating wealth.

Alberta’s low-tax environment is something to be proud of.

It reflects who we are as Albertans and our entrepreneurial spirit …

It lets Albertans keep more of what they earn, take risks, and build opportunity for themselves and their communities.

We will protect the Alberta advantage, make smart choices and spend where it matters for Albertans.

Investing in People: Health Care

Mr. Speaker,

Sometimes the hardest decisions are not where to cut - but where to invest.

That’s why Budget 2026 focuses on “Investing in What Matters.”

In Alberta, we know health care, education, and our vital services should always come first.

Through Budget 2026, Alberta’s government is making one of the most significant health care investments in our history.

In Budget 2026 - total health care investment is $34.4 billion.

This includes:
• $13.8 billion in 2026-27 to operate and expand hospitals, surgeries, emergency services, and diagnostics,

Budget 2026 provides the following:
• Almost $2.5 billion over three years for emergency health services,

• A record total $7.7 billion commitment to our physicians,

• $525 million over three years to complete 50,000 additional surgeries through the Alberta Surgical Initiative, and
• $223 million over three years to expand cancer care capacity, hire specialists, and upgrade treatment facilities.

In Alberta, people expect care to be there when they need it - without uncertainty or delay.

Health care enables Albertans to work … raise their families … and plan for their futures.

And when something is that foundational to our lives and livelihoods - we protect it with everything we’ve got.

Investing in People: Education

But caring for Albertans isn’t just about hospitals …

It’s about classrooms, educators, and giving every child their best shot at success.

Alberta is seeing record student enrolment …

And that growth is putting real pressure on classrooms, teachers, and families across the province.

Budget 2026 commits a record $10.8 billion in 2026-27 in education - focused on the best outcomes for our students and classrooms.

Budget 2026 provides
• Funding for school boards to hire more than 3,000 new teachers and 1,500 new educational assistants over the next three years, and
• $1.4 billion over three years to address class size and complexity.

Because a growing population without adding classrooms is unsustainable.
And Alberta’s kids deserve nothing less than our best.

Investing in People: Public Sector Workforce

Of course, none of these services exist without the people who deliver them …

Budget 2026 puts money in the workforce that keeps Alberta running …

And the more than 250,000 public servants - including nurses, teachers, and paramedics, on the frontline.

Competitive wages aren’t just about labour relations … They are about service delivery.

That’s why Budget 2026 commits almost $38 billion in public sector compensation.

And for context … that’s 54 per cent of the operating budget.

Because strong services require a strong public sector …

And we are choosing to strengthen our public service through Budget 2026.  

Growing the Economy and Jobs

But it’s not just our public sector we are investing in.

Budget 2026 continues to prioritize workforce development, trades training, and youth employment … across Alberta, in industries big and small.

This includes a $20 million commitment over three years for the Youth Employment Incentive - connecting young Albertans to real job opportunities.

We are also investing in economic diversification and investment attraction … such as data centres, investment incentives, and expanding pathways to get more of our products to market.

Because economic growth means:

More people working.

More businesses hiring, and

More opportunity for families to move forward … without higher taxes.

Alberta does not grow by standing still.

We grow by building.

By producing.

By competing on the global stage.

Building What Matters: Capital Plan

Budget 2026 doesn’t just invest in our services, our people, and our world-class resources …

It invests in the physical foundation we build our success on.

That’s why this budget is also focused on “Building What Matters.”

Budget 2026 commits $28.3 billion in capital investment - strengthening the foundation Alberta families, workers, and communities depend on.

Because we are not just building projects …

We are building the backbone of our province.

That means investing in:

• Modern hospitals and health facilities so families can access care when and where they need it …

Including investments in diagnostic imaging services across the province.

• Schools and post-secondary spaces that prepare the next generation for real opportunity,

  • Including our $600 million investment in modular classrooms to address immediate enrolment needs and $384 million investment in the NAIT Advanced Skills Centre,
  • And continued progress through the Schools Now program, fast-tracking planning, design, construction and renovation of 161 schools across Alberta … including,
    • Funding for planning and design of 40 new school projects in communities across the province, including Calgary and Edmonton.

The capital plan also includes …

• Transportation corridors that move goods, connect communities, and drive economic growth

• Water systems and municipal infrastructure that support growing cities and rural communities

• Rural connectivity and essential maintenance that keep communities strong and competitive

• And critical projects that support long-term growth across the province

Because infrastructure is not optional.

It’s our economic capacity.

It’s our ability to grow.

And it’s the bedrock that supports every Albertan’s quality of life.

Fiscal Discipline and Long-Term Strength

It’s not lost on us, that all of this spending - is significant spending.

Albertans expect discipline from their government …

And these are large dollar figures on the table.

However, our government is committed to making every dollar count.

This includes:

• Program review and efficiency measures,
• Debt management and responsible borrowing, and

• Protecting the Heritage Fund so our kids and grandkids inherit security, not the unpredictability of Alberta’s boom-and-bust cycles.

This will maintain Alberta’s fiscal advantage compared to other provinces.

Protecting the Heritage Fund isn’t just about savings …

It’s part of our clear three-point plan to secure Alberta’s future in the short, medium, and long term.

As mentioned, for our long term plan …
Our government is growing the Alberta Heritage Savings Trust Fund to more than $250 billion by 2050.

Since 2019, the Heritage Fund has almost doubled.

By directing a share of our surplus cash into the fund … and most importantly, by reinvesting our earnings … we’ve strengthened the Heritage Fund significantly.

And the good news is … that simply by continuing to reinvest those earnings over the next 24 years … the fund is on track to reach our 2050 target without requiring additional deposits.

By staying the course, we will create a permanent source of annual investment income … capable of stabilizing Alberta’s finances through future downturns.

The medium term is just as important …

Our goal is for Alberta to double oil production and exports by 2035.

We are advancing agreements to add 1.3 million barrels per day of new pipeline capacity to the west coast … expanding export capacity south, and increasing shipments to Canadian refineries.

More customers mean stronger and more predictable resource revenues … even when global prices soften.

Finally, the third pillar reflects our short term plan …
Albertans are feeling immediate pressure on housing, health care, schools, and infrastructure.

That’s why, on October 19, 2026, our government will ask Albertans directly … through a provincial referendum how they would like us to manage population growth … to ensure our services remain sustainable and can keep pace.

[PAUSE]

Save for the future.

Grow our exports.

By acting decisively, today.
That is Alberta’s path forward - practical, disciplined, and built for long-term strength.

This will ensure we are prepared for what comes next … no matter how global markets or political winds shift beyond our borders.

Even as we make these careful choices, Alberta’s foundation remains strong.

Our economy continues to generate opportunity, and our people continue to drive growth.

Even in deficit years, Alberta remains in the strongest fiscal position in Canada.

Alberta’s economy continues to lead the country.

We maintain:

• The lowest overall tax burden for Albertans,
• The strongest GDP per capita, and
• High weekly earnings.

Last month alone, Alberta generated more jobs than every other province combined.

… And that’s not luck. That’s discipline.

Weathering the storm

When a tough season hits, Albertans never throw in the towel.

We dig in.

We make adjustments.

We look after our people … work even harder … and prepare for the next season.

… That’s what this budget does.

It doesn’t pretend things are easy.

It doesn’t ignore the pressures Albertans are under.

It keeps our province steady and moving forward.

Closing

Albertans are not afraid of hard years.

They understand that some seasons are about building.
Some seasons are about protecting.
And some seasons are about preparing for what comes next …

This is a time for discipline.

For frank, honest discussion.

For steady leadership.

We are protecting the services families depend on.
We are investing in the people who make this province work.
And we are protecting Alberta’s long-term strength.

The road ahead will be challenging to navigate ...

But Albertans have never needed easy to succeed.

This province was built by people who faced the hard trail ahead – and never backed down …  

They broke ground, laid the path … and left it better for the next generation of Albertans.

That same strength that built Alberta will carry us through whatever comes next.

If we stay focused on what matters …
If we stay disciplined …

And if we face these challenges together …  Alberta’s best days are still ahead.
That’s the future we are building.

And it is worth the work.

Thank you, Mr. Speaker.