Federal policies are largely to blame for the massive decline in investment in the extraction sector.
alberta government spending
The government will spend a projected $6,037 more per Albertan over four years than it planned in the 2022 mid-year update.
This year, program spending will reach a projected $14,334 per Albertan, which is $1,603 higher than the original plan.
By shifting resources and money, the government is simply shifting jobs into film and away from other sectors.
Compared to the government’s 2022 mid-year plan, it will spend $6.1 billion more in 2023/24.
In 2023/24, debt interest payments will cost a projected $3.4 billion, equal to $691 per Albertan.
According to projections, government debt interest will cost nearly $1,000 per British Columbian by 2026/27.
The province plans to spend $13.9 billion more over two fiscal years than originally planned in mid-year 2022.
The government should learn from past experience and ensure new rules about the fund are constitutional.