Federal Economic Statement: Statement from Minister Horner

President of Treasury Board and Minister of Finance Nate Horner issued the following statement on the federal government’s fall economic statement:

“While we are continuing to analyze the federal government’s fall economic statement, our preliminary review suggests that it falls short of recognizing and addressing the most fundamental challenges we’re facing as a nation.

"Canada’s economy has great potential, but the federal government has yet to bring forward a comprehensive plan to spur meaningful investment and address our competitiveness challenges.

“The federal government has promised, yet again, to legislate the Investment Tax Credit for Carbon Capture Utilization and Storage – we hope they will table that legislation this fall as they have promised. And in order to spur real investment in decarbonisation, the federal government must make their Carbon Contracts for Difference accessible to major emitters in all sectors. Alberta and Alberta businesses remain frustrated by ongoing federal delays in implementing their commitments.

“Affordability remains a top concern for Albertans, and while new affordable housing incentives are a small step in the right direction, this update offers little comfort overall to those who are struggling with high costs now. Alberta’s government is taking bold action to build affordable housing and we need the help of the federal government to advance our plan.

“I am particularly disappointed that the federal government chose not to expand its targeted carbon tax relief to include all forms of home heating. The federal economic update was a missed opportunity for the federal government to show that it cares about all Canadians equally. If the federal government is serious about keeping life affordable, it must step up and cancel the carbon tax immediately.

“Once again, the federal government has not established a path back to balance. Last year’s fall economic statement promised a $4.5 billion surplus by 2027-28. Now, that forecast is a deficit of $24 billion, followed by an $18-billion deficit in 2028-29.

“Several of Alberta’s priorities remain unaddressed, including requests for a review of the Equalization Program or meaningful reforms to the Fiscal Stabilization Program. As the largest per-capita net contributor to the federation, Alberta taxpayers shoulder a disproportionately high share of the national debt burden. The federal government’s proven inability to control spending is threatening the prosperity of future generations.

“When Alberta does well, Canada does well, and our government will continue to advocate for policies and actions that support Albertans and Alberta’s economy.”