The province’s current spending levels greatly exceed its tax revenues.
If it held the line on spending, the government could have run a $6.7 billion surplus in 2023/24.
Program spending is projected to be $4.2 billion higher in 2023/24 than budgeted just a few months ago.
It would be irresponsible for the Smith government to repeat the mistakes of past governments.
Successive governments have perpetuated the boom-bust cycle of provincial finances.
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.