Remarks by the Deputy Prime Minister and Minister of Finance on investing in Alberta’s economy

August 15, 2023 - Peace Country, Alberta

I first want to acknowledge that we are gathered on Treaty 8 Territory.

I am really happy to be back home in the Peace Country today.

It was great to spend some time with the amazing people here at Tourmaline. Thank you for the warm welcome.

I really appreciated learning about the work you are doing to produce the lowest emission natural gas in the world. We talked a bit about how some of the natural gas produced here is helping our allies in Europe and given the Russian invasion of Ukraine, that is really meaningful for me. I know that gives a lot of meaning to you and the work you are doing.

I would like to start by addressing this morning’s inflation numbers and I would like to talk about the underlying strength of the Canadian economy today.

Inflation in Canada last month was at 3.3 per cent—that is down from a high of 8.1 per cent in June of 2022. That is real progress for our country.

Canada had the strongest economic growth in the G7 over the course of 2022, and our real GDP exceeded expectations by growing 3.1 per cent in the first quarter of this year. 

943,000 more Canadians are working today than when COVID first hit, and that includes a record high labour force participation rate of 85.7 per cent in July for Canadian women in their prime working years. That labour force participation rate is supported by our Canada-wide system of early learning and child care.

At five per cent, wage growth outpaced inflation in July—just as it has done for the past six months—and at just 5.5 per cent, unemployment is near historic lows.

Since 2015, our government has helped to lift 2.3 million Canadians out of poverty—including half a million children through the Canada Child Benefit and more than 45,000 seniors thanks to the increase in the Guaranteed Income Supplement.

Plus, with $10-a-day child care to a new Canadian Dental Care Plan, we have strengthened the social safety net that millions of Canadians count on—all while ensuring Canada maintains the lowest deficit and net debt-to-GDP ratio in the G7.

We do know that there have been real challenges on the path to recovery from the COVID recession and Putin’s invasion of Ukraine.

We know that we are not all of the way there yet. That’s why our government is supporting the hardworking Canadians who need help the most.

In July, we provided a new Grocery Rebate to more than 11 million Canadians and Canadian families, and we delivered the first enhanced payments of the Canada Workers Benefit to 4.2 million low-income Canadians. Thousands of Canadians have already opened a Tax-Free First Home Savings Account to save for that first down payment.

Those measures do not make up for all of the challenges of course, but for those who need help the most, this new support is really important. Inflation is coming down, jobs are being created and the Canadian economy is strong and resilient.

Our economic plan is fiscally responsible—and it is working.

And that is really important as we deliver major investments to build Canada’s clean economy and create great middle-class careers for people here in the Peace Country, across Alberta, and from coast-to-coast-to-coast.

The race to build the global clean economy is the most significant economic transformation since the Industrial Revolution—and it is an incredible opportunity for people here in Alberta.

That is why our $120 billion clean economy plan was built with Alberta at its heart.

That is because Alberta has the resources, the very smart, hardworking, and innovative people, and the expertise that Canada—and the world—needs.

Clean LNG and natural gas are very much part of that equation.

Tourmaline, here in the Peace Country, is producing some of the cleanest natural gas in the world—and as the biggest producer in the country, this important work is creating thousands of great careers for Canadians.

Our government understands the importance of clean LNG and natural gas in the world today—for Canadians, for the Canadian economy, and for our allies around the world.

We know that Canada’s energy producers are committed to reducing their emissions and I heard a lot about the hard work people here are doing every day to bring your emissions down.

I am grateful to you for showing me what you are doing, the work it takes and for talking about the innovations you have planned in the future. I want you to know that our government is committed to helping you do that work.

That’s why, for example, our government is delivering a generous refundable tax credit for investments in carbon capture, utilization, and storage (CCUS).

CCUS is going to be important for the energy industry, and it’s going to be important for industries like cement and steel production that also need to reduce their emissions.

There are companies here in Alberta who are already leading the way on innovative emissions reduction. That innovation is already creating great jobs for people here in Alberta and across Canada.

Canada and Alberta are leading the way on CCUS. We believe in supporting LNG terminals and working together on more opportunities in the future. And there are opportunities for us to work together supporting abated natural gas.

Alberta’s prosperity is central to Canada’s prosperity. And that prosperity is built by the outstanding, very smart, very hardworking people of Alberta and by the people I met here today.

I am a proud daughter of Alberta.

I know Canada needs Alberta to be at the heart of a strong, growing, and clean economy—one that powers Canada and the world and creates great careers for people across this wonderful province for generations to come.

It was wonderful to talk about all the opportunities, about all the work being done today with the hardworking people of Tourmaline.

Thank you very much, and I’m happy to take your questions.