Alberta Premier Jason Kenney (Government of Alberta)

By Justin Goulet

Kenney announces details on Alberta’s recovery plan

Jun 29, 2020 | 12:05 PM

CALGARY, AB – Alberta Premier Jason Kenney has revealed details on the government’s plan to reboot the economy.

Due in large part to oil price wars and the COVID-19 pandemic, the provincial deficit has shot up from a projected $7 billion to $20 billion this year.

Kenney referred to Monday’s announced plan as “a bold, ambitious long-term strategy to build, to diversify and to create jobs”, while saying it’s “a plan for today that provides hope for the future”.

The plan includes record investments, about $10 billion, in infrastructure projects, including pipelines, health care facilities, schools, and drug treatment centres.

Additionally, the provincial government is slashing the corporate tax rate from 10 percent to eight percent, starting this Wednesday, July 1.

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“[This is] to give Alberta by far the most attractive environment for new business investment in Canada and amongst the lowest rates in all of North America,” Kenney said.

He remarked that the recovery strategy will create “tens of thousands of jobs” and make the provincial economy more productive in the long run.

In his address, Kenney stated that the unemployment rate across Alberta could reach 25 percent if action is not taken.

Further goals of the plan are to accelerate diversification, make Alberta more competitive in the long-term, ensure a strong future for the energy industry and “show investors we mean business”.

Other actions to be taken include the implementation of an Innovation Employment Grant, an incentive to create “high-paying jobs” by making the province the most attractive place in Canada to invest in the technology and innovation sector, what Kenney referred to as “industries of the future.”

“To support those industries, we will also invest an additional $175-million into the Alberta Enterprise Corporation to expand access to venture capital for early stage start-up companies,” he said.

Kenney announced the creation of Investment Alberta, a new agency aimed at attracting job-creating investment to the province.

“We will create 7,400 jobs by moving forward with construction of the Keystone XL pipeline thanks to Alberta’s $1.5 billion preferred equity investment in this critical project,” he added.

“We will put Albertan’s first for available jobs by asking the federal government to remove most occupational categories under the temporary foreign worker program for Alberta, while helping t connect employers to unemployed Albertans, making job training programs more responsive and accelerating the Fairness for Newcomers Action Plan.”

COVID-19 SPENDING

Kenney noted on Monday that the province has spent about $14 billion on its COVID-19 response. Some of that money has been allocated to:

· $500 million in health care funding

· Funding to long-term care homes

· Emergency isolation payment

· $200 million for small business relaunch grants

· Support for local homeless shelters, women’s shelters & food banks

· $53 million in mental health supports

· 40 million free face masks for Albertans

· Deferrals on utility bills

· Access to credit for employers

· Protection for renters and commercial tenants

The Premier added that Minister of Finance Travis Toews will table what he referred to as a “frank update” on the province’s finances later this summer.

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