Western Standard - Alberta Budget 2026 Announcement

00:00:00.000 We'll be right back.

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00:05:30.000 Welcome to the right page here.

00:05:55.780 Messages from Her Honour, the Honourable, the Lieutenant Governor.

00:06:00.000 Mr. Speaker, I have received certain messages from Her Honour, the Honourable Lieutenant

00:06:27.240 governor, which I now transmit to you.

00:06:57.240 The Lieutenant Governor transmits estimates of certain sums required by the offices of the Legislative Assembly for the service of the province for the fiscal year ending March 31st, 2027, and recommends the same to the Legislative Assembly.

00:07:14.900 The Lieutenant Governor transmits estimates of certain sums required by the government for the service of the province for the fiscal year ending March 31st, 2027, and recommends the same to the Legislative Assembly.

00:07:28.200 Please be seated.

00:07:35.340 The Honorable President of Treasury Board and Minister of Finance.

00:07:39.780 Mr. Speaker, I wish to table the 2026-2027 Offices of the Legislative Assembly estimates

00:07:47.880 and the 2026-2027 Government estimates.

00:07:52.080 In addition, I also wish to table the 2026-2029 Government of Alberta Strategic Plan

00:07:58.160 and the Budget 2026 Ministry Plans.

00:08:09.780 Government motions. Motion number 30. Honourable Mr. Horner.

00:08:15.020 I now wish to table the government's 2026 through 2029 fiscal plan and move government

00:08:22.220 motion 30, be it resolved, that the Assembly approve in general the business plans and

00:08:27.300 fiscal policies of the government.

00:08:37.640 Honourable Minister of Finance and President of Treasury.

00:08:43.400 Thank you, Mr. Speaker.

00:08:45.540 It is an honour to rise in the Assembly and present Budget 2026.

00:08:51.120 While I wish I could stand before you under better circumstances, I am still honoured

00:08:55.980 to rise and present my third budget on behalf of Alberta's government. With all that said,

00:09:02.140 let's cut to the chase. If this budget is passed, Alberta will face a deficit of $9.4

00:09:07.900 billion this fiscal year. That's the reality in front of us. Albertans deserve to hear

00:09:14.460 that first, not last, not softened or buried under technical language. Budget 2026 carries

00:09:21.640 a substantial deficit, one that is significantly higher than projected last year. With this

00:09:27.280 shift, it's clear this year will require tough choices. Some of them won't be popular, but

00:09:34.240 all of them will be necessary to face the challenges ahead. I also want to be very clear

00:09:40.160 that yes, Alberta is running a considerable deficit this year, but we're not making massive

00:09:45.080 program cuts and we're not raising personal income taxes. Yes, that personal income tax

00:09:50.780 cut you received last year it stays and albertans will see those savings reflected on their paychecks

00:09:56.700 again this year because we're not choosing to take the hit we because we are choosing to take

00:10:01.820 the hit on our books rather than put that strain on alberta's households budget 2026 secures the

00:10:08.460 promises we made to albertans despite the challenges we know many provinces are facing

00:10:14.140 deep deficits and we'll have to make hard choices alberta's choosing discipline responsible spending

00:10:20.140 decisions and hard work over the long haul to get back on track. Here in Alberta we don't just hope

00:10:26.840 for another boom. We don't panic in the downturns. We are steadfast in our resolve to protect Alberta's

00:10:33.260 future. With Budget 2026 we're choosing to focus on health care, classrooms and the economy.

00:10:40.480 We're choosing to protect the services families rely on every day and we're choosing to protect

00:10:46.320 Alberta's long-term financial strength, so the next generation will have more

00:10:50.700 options to deal with their tough choices. Costs are higher, global markets are

00:10:57.000 unstable, and our population has grown faster than any other province in Canada.

00:11:02.360 Global pressures are testing every energy producing economy and ours is no

00:11:07.320 exception. Albertans already know this. They see costs go up everywhere. They live

00:11:13.320 this reality every day. But Albertans expect their government to stand firm

00:11:17.880 when times are tough and that's exactly what we intend to do. We all know the

00:11:23.880 geopolitical landscape is shifting, trade tensions are rising, oil prices are weak

00:11:29.940 and competition for investment is getting tougher. Despite these challenges

00:11:35.220 Alberta remains the best place to live, work and raise a family. Record numbers

00:11:41.040 of people have moved here to build better lives.

00:11:44.820 But that record growth has put real pressure on our housing, schools, hospitals, roads

00:11:49.360 and public services.

00:11:51.800 And unlike population booms in the past, where economic growth in Alberta drew people in,

00:11:57.720 this time cost of living pressures in other provinces are pushing people out to come here.

00:12:04.200 The practical effect is that the demand for service is rising faster than government revenue

00:12:08.780 is growing.

00:12:10.940 Resource revenue is volatile, federal policies have led to lost investment opportunity, global

00:12:17.240 market shifts add uncertainty, and inflation and trade roadblocks have driven up the cost

00:12:23.020 of delivering critical infrastructure and services.

00:12:27.360 These are all major factors behind the deficit we are facing today, but they're not the only

00:12:32.060 factors.

00:12:33.840 Alberta continues to make record investments in core services to meet the challenges of

00:12:38.180 today because ignoring the real pressures in health care education and infrastructure would

00:12:43.860 cost albertans far more than just dollars and cents it would cost us opportunity stability

00:12:50.580 and our collective confidence in the future that's why with budget 2026 we are focused on

00:12:57.220 what matters because we are putting albertans priorities first and shaping a brighter more

00:13:02.980 secure future we took a hard look at where our efforts could make the biggest difference and

00:13:08.580 we made the tough calls where needed we focused on maintaining the projects and programs that

00:13:14.020 truly serve albertans we set a reasonable wti projection at 60.50 per barrel we limited program

00:13:22.900 spending increases with clear reasonable targets and we cut red tape and streamlined government

00:13:28.660 processes, so every dollar spent counts. In fact, Alberta continues to be the best province

00:13:35.200 in Canada at cutting red tape, slashing more than 220,000 government inefficiencies since

00:13:40.960 2019. This has saved Alberta businesses, job creators, and industry more than $3 billion,

00:13:47.680 allowing them to provide more for our communities while driving economic growth and opportunity.

00:13:53.660 It's our responsibility to protect what matters most, not by undermining our competitive

00:13:58.440 advantage, but by growing our economy, expanding markets, attracting investment

00:14:03.780 and creating wealth. Alberta's low-tax environment is something to be proud of.

00:14:08.460 It reflects who we are as Albertans and our entrepreneurial spirit. It lets

00:14:14.580 Albertans keep more of what they earn, take risks and build opportunity for

00:14:19.200 themselves and their communities. We will protect the Alberta advantage, make smart

00:14:24.120 choices and spend where it matters for Albertans. Mr. Speaker, sometimes the hardest decisions are

00:14:30.840 not where to cut, but where to invest. That's why Budget 2026 focuses on investing in what matters.

00:14:38.100 In Alberta, we know health care, education, and our vital services should always come first.

00:14:43.780 Through Budget 2026, Alberta's government is making one of the most significant health care

00:14:48.160 investments in our history. In Budget 2026, total health care investment is $34.4 billion.

00:14:55.760 This includes $13.8 billion in 2627 to operate and expand hospitals, surgeries, emergency services

00:15:03.540 and diagnostics. Budget 2026 provides the following. Almost $2.5 billion over three years

00:15:11.500 for emergency health services, a record total $7.7 billion commitment to our physicians,

00:15:18.340 $525 million over three years to complete 50,000 additional surgeries through the Alberta Surgical

00:15:24.520 Initiative, and $223 million over three years to expand cancer care capacity, hire specialists,

00:15:32.140 and upgrade treatment facilities. In Alberta, people expect care to be there when they need it

00:15:37.980 without uncertainty or delay.

00:15:40.500 Health care enables Albertans to work,

00:15:42.840 raise their families, and plan for their futures.

00:15:46.300 And when something is that foundational to our lives and livelihoods,

00:15:50.120 we protect it with everything we've got.

00:15:53.260 But caring for Albertans isn't just about hospitals.

00:15:56.600 It's about classrooms, educators,

00:15:59.000 and giving every child their best shot at success.

00:16:02.920 Alberta is seeing record student enrollment,

00:16:05.360 and that growth is putting real pressure on classrooms, teachers and families across the province.

00:16:12.180 Budget 2026 commits a record $10.8 billion in 2026-2027 in education

00:16:18.800 focused on the best outcomes for our students and classrooms.

00:16:23.600 Budget 2026 provides funding for school boards to hire more than 3,000 new teachers

00:16:28.640 and 1,500 new educational assistants over the next three years

00:16:32.600 and $1.4 billion over three years to address class size and complexity

00:16:37.360 because a growing population without adding classrooms is unsustainable

00:16:42.240 and Alberta kids deserve nothing but our best.

00:16:46.320 Of course, none of these services exist without the people who deliver them.

00:16:51.360 Budget 2026 puts money in the workforce that keeps Alberta running

00:16:55.040 and the more than 250,000 public servants, including nurses, teachers and paramedics, on the front line.

00:17:02.600 Competitive wages aren't just about labour relations, they're about service delivery.

00:17:07.960 That's why Budget 2026 commits almost $38 billion in public sector compensation.

00:17:14.600 And for context, that's 54% of the operating budget of government.

00:17:21.600 Because strong services require a strong public sector.

00:17:25.660 And we are choosing to strengthen our public service through Budget 2026.

00:17:29.400 But it's not just the public sector we're investing in.

00:17:34.060 Budget 2026 continues to prioritize workforce development, trades training, and youth employment across Alberta in industries big and small.

00:17:43.200 This includes a $20 million commitment over three years for the Youth Employment Incentive, connecting young Albertans to real job opportunities.

00:17:52.520 We're also investing in economic diversification and investment attraction,

00:17:57.020 such as data centers, investment incentives, and expanding pathways to get more of our products to market.

00:18:03.300 Because economic growth means more people working, more businesses hiring,

00:18:07.720 and more opportunity for families to move forward without higher taxes.

00:18:12.700 Alberta does not grow by standing still.

00:18:14.940 We grow by building, by producing, by competing on the global stage.

00:18:19.320 budget 2026 doesn't just invest in our services our people and our world-class resources

00:18:25.960 it invests in the physical foundation we build our success on that's why this budget is also

00:18:31.960 focused on building what matters budget 2026 commits 28.3 billion in capital investment

00:18:38.280 strengthening the foundation alberta families workers and communities depend on

00:18:42.660 because we're not just building projects we're building the backbone of our province that means

00:18:48.940 investing in modern hospitals and health facilities so families can access care when and where

00:18:53.880 they need it, including investments in diagnostic imaging services across the province, schools

00:19:00.040 and post-secondary spaces that prepare the next generation for real opportunity, including

00:19:05.300 our $600 million investment in modular classrooms to address immediate enrollment needs and

00:19:10.780 the $384 million investment in the NAIT Advanced Skills Centre, and continued progress through

00:19:16.980 the school's NOW program, fast-tracking, planning, design, construction, and renovation of 161

00:19:22.620 schools across Alberta, including funding for planning and design of 40 new school projects

00:19:29.460 in communities across the province, including Calgary and Edmonton. The capital plan also

00:19:35.180 includes transportation corridors that move goods, connect communities, and drive economic growth,

00:19:40.400 water systems and municipal infrastructure that support growing cities and rural communities,

00:19:44.720 rural connectivity and essential maintenance that keep communities strong and competitive

00:19:49.440 and critical projects that support long-term growth across the province.

00:19:54.420 Because infrastructure is not optional, it's our economic capacity, it's our ability to grow

00:19:59.240 and it's the bedrock that supports every Albertan's quality of life.

00:20:03.960 It is not lost on us that all of this spending is significant spending.

00:20:09.620 Albertans expect discipline from their government and these are large dollar figures on the table.

00:20:14.720 However, our government is committed to making every dollar count.

00:20:18.860 This includes program review and efficiency measures, debt management and responsible borrowing,

00:20:24.500 and protecting the Heritage Fund so our kids and grandkids inherit security,

00:20:29.040 not the unpredictability of Alberta's boom and bust cycles.

00:20:33.160 This will maintain Alberta's fiscal advantage compared to the other provinces.

00:20:37.260 Protecting the Heritage Fund isn't just about savings.

00:20:39.760 It's part of our clear three-point plan to secure Alberta's future in the short, medium, and long term.

00:20:45.800 As mentioned for our long-term plan, our government is growing the Alberta Heritage Savings Trust Fund to more than $250 billion by 2050.

00:20:53.760 Since 2019, the Heritage Fund has almost doubled.

00:20:57.940 By directing a share of our surplus cash into the fund, and most importantly by reinvesting our earnings, we've strengthened the Heritage Fund significantly.

00:21:05.260 And the good news is that simply by continuing to reinvest those earnings over the next 24 years, the fund is on track to reach our 2050 target without requiring additional deposits.

00:21:17.100 By staying the course, we will create a permanent source of annual investment income capable of stabilizing Alberta's finances through future downturns.

00:21:25.420 The median term is just as important. Our goal is for Alberta to double oil production and exports by 2035.

00:21:32.020 We are advancing agreements to add 1.3 million barrels per day of new pipeline capacity to the west coast,

00:21:39.120 expanding export capacity south, and increasing shipments to Canadian refineries.

00:21:44.200 More customers mean stronger and more predictable resource revenues, even when global prices soften.

00:21:50.240 Finally, the third pillar reflects our short-term plan.

00:21:53.300 Albertans are feeling immediate pressure on housing, health care, schools, and infrastructure.

00:21:57.560 That's why on October 19th, 2026, our government will ask Albertans directly, through a provincial referendum, how they would like us to manage population growth to ensure our services remain sustainable and can keep pace.

00:22:11.220 Save for the future, grow our exports by acting decisively today.

00:22:15.700 That is Alberta's path forward, practical, disciplined and built for long-term strength.

00:22:20.480 This will ensure we're prepared for what comes next, no matter how global markets or political winds shift beyond our borders.

00:22:27.560 Even as we make these careful choices, Alberta's foundation remains strong.

00:22:33.120 Our economy continues to generate opportunity and our people continue to drive growth.

00:22:38.220 Even in deficit years, Alberta remains in the strongest fiscal position in Canada.

00:22:42.920 Alberta's economy continues to lead the country.

00:22:45.920 We maintain the lowest overall tax burden for Albertans, the strongest GDP per capita and high weekly earnings.

00:22:52.600 Last month alone, Alberta generated more jobs than every other province combined.

00:22:56.900 and that's not luck, that's discipline. When a tough season hits, Albertans never throw in the

00:23:02.380 towel. We dig in, we make adjustments, we look after our people, work even harder and prepare

00:23:07.580 for the next season. That's what this budget does. It doesn't pretend things are easy. It doesn't

00:23:12.380 ignore the pressures Albertans are under. It keeps our province steady and moving forward.

00:23:17.520 Albertans are not afraid of hard years. They understand that some seasons are about building,

00:23:22.200 some seasons are about protecting, and some seasons are about preparing for what comes next.

00:23:28.020 This is a time for discipline, for frank, honest discussion, for steady leadership.

00:23:33.560 We're protecting the services families depend on, we're investing in the people who make this province work,

00:23:38.980 and we're protecting Alberta's long-term strength.

00:23:41.660 The road ahead will be challenging to navigate, but Albertans have never needed easy to succeed.

00:23:46.940 This province was built by people who faced the hard trail ahead and never backed down.

00:23:52.200 They broke ground, laid the path, and left it better for the next generation.

00:23:57.000 The same strength that built Alberta will carry us through whatever comes next.

00:24:00.960 If we stay focused on what matters, if we stay disciplined, and if we face these challenges together, Alberta's best days are still ahead.

00:24:08.620 That's the future we're building, and it's worth the work.

00:24:12.080 Thank you, Mr. Speaker.

00:24:22.200 the official opposition host there thank you mr. speaker there is lots to unpack in this budget

00:24:40.540 but for today i move that we adjourn debate on the budget having heard the motion as proposed

00:24:47.260 by the official opposition the house leader to adjourn debate all those in favor please say aye

00:24:55.020 those opposed please say no the ayes have it that motion is carried uh the honorable deputy

00:25:03.020 government house leader or the government house leader thank you mr speaker uh thank you to the

00:25:10.460 minister of finance and present treasury board for delivering those remarks but at this time

00:25:14.700 I move that the Assembly be adjourned until 1.30 p.m. on Monday, March 9th, 2026.

00:25:22.060 The Honourable Government House Leader has moved the Assembly adjourned until Monday, March 9th at 1.30 p.m.

00:25:27.160 Those members in favour of the motion, please say aye.

00:25:29.720 Aye.

00:25:30.560 Those opposed, please say no.

00:25:32.720 The ayes have it. The House stands adjourned until 1.30 p.m. March 9th.

00:25:38.020 Call rise, please.

00:25:44.700 Thank you.

00:26:14.700 You

Western Standard - February 26, 2026

Alberta Budget 2026 Announcement

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