From 2008/09 to 2020/21, the province racked up $60 billion in provincial net debt.
According to projections, debt interest costs will reach $3.1 billion in 2025/26.
By reducing provincial debt, the province would be better prepared for the next inevitable shock.
Due to tax hikes in Ottawa and Edmonton, the province's top combined income tax rate increased to 48 per cent.
The province had the largest growth in government net debt in Canada from 2007/08 to 2021/22.
The province's debt interest costs will reach a forecasted $2.7 billion this year.
As resource revenue began increasing, Alberta’s per-person government spending increased from $7,393 to $13,114.
Alberta’s government-sector workers enjoy a 9.3 per cent wage premium over their private-sector counterparts.
The province's revenue will likely be even higher than forecast in Budget 2022.
Higher resource revenue accounts for nearly 80 percent of the $11.5 billion improvement in the province's budgetary balance in 2022/23.