Alberta’s budget deficit will be $5.8 billion in 2021/22—$12.4 billion less than originally forecast.
The province's per-person spending is significantly higher than in Ontario, B.C. and Quebec.
According to the PBO, Alberta must reduce spending by 3.1 per cent of GDP to restore fiscal sustainability.
Between 2008/09 and 2019/20, the province's net debt increased by $71.8 billion.
A reliance on non-renewable resource revenue has caused trouble for the provincial finances for decades.
The program offset just 3.5 per cent of Alberta’s year-over-year revenue loss.
As a share of the provincial economy, Alberta's recent deficits are larger than those incurred in the early ’90s.
Alberta’s elevated spending levels produced large budget deficits and mounting debt.