Alberta’s days of having unusually low debt servicing costs are coming to an end.
When oil prices were high, successive governments spent freely as though the good times would never end.
According to government projections, Alberta’s net debt will hit $56 billion by 2023/24.
The Notley government overshot its budgeted spending levels by $2 billion in 2016/17 and $1 billion in 2017/18.
Between now and 2022/23, Alberta’s per-person debt is projected to grow by 157 per cent.
By 2023/24, Alberta’s total net debt is projected to reach $56 billion—approximately $12,500 per person.
The $10.3 billion deficit the province plans to run this year is just shy of the provincial record of $10.8 billion set last year.