On Thursday, October 23rd, the throne speech marked the start of the second session of the 31st legislature. We examined the key priorities of the Alberta government and how they related to the business community. This is what we noted:

New Personal Income Tax Bracket: An 8% tax rate for Albertans earning up to $60,000 has been implemented.

Budget Discipline: The government will continue to limit non-emergency spending increases to below inflation plus population growth.

Debt Management: Alberta aims to maintain the lowest net debt-to-GDP ratio in Canada.

Heritage Fund Growth: Plans to grow the Alberta Heritage Savings Trust Fund to at least $35 billion by 2027.

Oil Price Benchmarking: The government will track and aim to reduce the West Texas Intermediate (WTI) oil price needed to balance the budget.

AI Data Centres: A new levy framework has been announced to attract Artificial Intelligence data centres to Alberta.

Investment and Growth Fund: The annual allocation to this fund will increase to $50 million, reflecting its high return on investment.

Government Equity in Private Ventures: A framework will be developed for the government to take reasonable equity stakes in private organizations receiving grants.

Tax Incentive Review: A comprehensive analysis of all provincial tax and industry incentive programs will be conducted to assess effectiveness and return on investment.

Automobile Insurance Reform: Completion of the regulatory framework for the Automobile Insurance Act and launch of the Care-First insurance model by January 1, 2027.

Home Insurance: Regulatory changes will be explored to reduce home insurance premiums.

Procurement Reform: A new procurement secretariat will be established to ensure transparency and fiscal efficiency in government purchasing.

Passenger Rail Strategy: Planning and timelines for implementation will be finalized.

Tourism Taxation: Visitors to Alberta may face adjusted taxes and fees to support sustainable tourism infrastructure.

IP Strategy: A new strategy will allow the government to take ownership stakes in technologies and research developed with public funds.

Red Tape Reduction: The government will engage stakeholders to identify and eliminate unnecessary regulatory barriers that hinder economic growth. 

Find out more.

So, how does the Throne Speech align with Southeast Alberta Chamber Advocacy?

1. Fiscal Discipline & Taxation

Throne Speech: Introduction of a new 8% personal income tax bracket for incomes up to $60,000; commitment to limit spending increases to below inflation plus population growth; and maintain the lowest net debt-to-GDP ratio in Canada.

Chamber Alignment: The Chamber supports fiscal responsibility and tax reforms that reduce burdens on small businesses and individuals. These measures align with the Chamber’s push for financial sustainability and competitiveness in Southeast Alberta. 

2. Heritage Fund Growth

Throne Speech: Plan to grow the Alberta Heritage Savings Trust Fund to $35 billion by 2027 and $250 billion by 2050.

Chamber Alignment: Long-term financial planning supports economic stability, which is a shared goal. The Chamber has emphasized economic resiliency.

3. AI & Technology Investment

Throne Speech: Levy framework to attract AI data centres; expansion of AI and cybersecurity sectors.

Chamber Alignment: The Chamber supports economic diversification and technology innovation. 

4. Red Tape Reduction & Procurement Reform

Throne Speech: Commitment to eliminate unnecessary regulatory barriers and establish a procurement secretariat.

Chamber Alignment: The Chamber has long advocated for regulatory reform and transparent procurement processes, especially to support small and medium-sized enterprises. 

5. Trade & Transportation

Throne Speech: Plans for new pipelines and a passenger rail strategy.

Chamber Alignment: The Chamber supports regional air service improvements, pre-approved trade corridors, and interprovincial trade harmonization, aligning with the province’s infrastructure and trade expansion goals. 

Find out more about our Chamber policy positions and engage in conversations at our member forums and business advisory meetings.