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.
The government should save some natural resource revenue to protect against future increases in debt.
Provincial government net debt is projected to reach $73.9 billion—or roughly $16,071 per Albertan.
By making fiscal rules constitutional in nature, governments can protect them from being ignored.
According to the PBO, Alberta must reduce spending by 3.1 per cent of GDP to restore fiscal sustainability.
Alberta's new budget projects a $18.2 billion deficit in 2021/22.
Both B.C. and Saskatchewan now carry less per-person provincial government debt than Alberta.
Alberta is projected to experience the largest increase in per-person net debt of any province from 2007/08 to 2020/21.