Alberta Finance Minister Travis Toews spoke at a gathering of about 50 people Monday in Medicine Hat. Photo supplied by CHAT News.

By Curtis Galbraith

Provincial Politics

Province still committed to 2020 budget: Toews

Mar 10, 2020 | 5:30 AM

Alberta’s Finance Minister says what the province is seeing with dropping oil prices means “incredible economic uncertainty and volatility.”

However, GP-Wapiti MLA Travis Toews says the government is still committed to its new budget.

“We’re going to work to get that budget passed. We also commit to being flexible, to be making adjustments as more information becomes available. Right now, the situation is so dynamic, it’s very difficult to make responsible decisions with all the change.”

He says the dropping oil prices will have an impact on Alberta but adds the government will, in his words, “keep a steady hand on the wheel” and make adjustments as needed.

Toews says this province’s dependence on oil royalties “is the lower now than it’s been in previous decades.”

“The upcoming year, we’re penciling in oil royalties at about 10 per cent of our total revenues. But we know because of the size of the energy industry, it impacts personal taxes, corporate tax revenues, as so many people and businesses are employed in that industry.”

Toews adds the government is looking at what he calls “broad-based measures” in an attempt to diversify the economy.

“We believe if we do that, then capital flows would go to those areas, those sectors, industries, and businesses that hold real promise and thereby result in sustainable diversification. We’re absolutely supportive of that.”

Toews says the government has a “great responsibility to ensure that as many Albertans as possible have a job to go to.”