Alberta government, industry groups frustrated by federal budget, students celebrate small wins
CBC
Federal Finance Minister Chrystia Freeland tabled her 2024 budget Tuesday, laying out the government's spending plans for the next five years, drawing reactions of frustration and doubt from some Albertans — and minor celebration from others.
Ottawa proposes $52.9 billion in new spending over five years, and will post a $40 billion deficit this fiscal year. It will also spend more on servicing its debt — $54.1 billion— than it will on health care this year.
An increase in capital gains taxes, housing assistance for students, and some new carbon rebates are some of the new commitments included in the plan.
"My initial thoughts about the federal budget are that they are overtaxing, overspending, over borrowing and over interfering in provincial affairs," said Premier Danielle Smith at a press conference on Tuesday.
"In fact, if they just stop trying to be premiers and stop trying to dictate to the provinces what to do, they probably have enough money to take care of their areas of jurisdiction."
Smith said she was most concerned to see the increase in interest rate payments the government is paying on its debt.
With interest rates at a 20-year high, Ottawa's cost to borrow has spiked from $20.3 billion in 2020-21 to $54.1 billion in 2024-25.
"The premiers got together trying to get the federal government to spend something on something that would have helped all Canadians, which is them meeting their commitment on healthcare," she said.
"And instead we're seeing massive borrowing which is resulting in essentially when you pay interest charges, you're just throwing that money away. That's very frustrating."
Speaking at a separate press conference earlier on Tuesday, Finance Minister Nate Horner called the budget a missed opportunity, saying it will increase costs for Canadians amid an ongoing affordability crisis.
"Once again the federal government has poured gasoline on the inflation crises in Canada, not least by increasing the carbon tax on gasoline. Federal finances are deteriorating and there's a complete lack of plan to return to balance," said Horner.
Horner said the budget was not in line with Canadians' priorities, including those of younger people, who he said are being saddled with ongoing deficits and increased levels of government debt.
The Alberta government was hoping the budget would provide support for industries impacted by "federal policies related to the clean economy," long term flexible infrastructure funding, and a top up in funding to labour market development agreements, which support Canadians through employment insurance, funded skills training and employment assistance, said Horner.
"Not only did we not see really anything that we were after, we see all this excess spending."
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