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With a provincial election due within the spring, the Calgary Chamber of Commerce has dropped the gear with a report outlining the enterprise group’s priorities for the following authorities.
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On the coronary heart of the report, referred to as Speed up, is the significance of profiting from the surpluses of not solely this monetary yr, but in addition the following two. The report argues that is made extra important due to the soundness this black ink ought to give Alberta throughout a interval of financial uncertainty dealing with the remainder of the nation and far of the world. It has additionally been argued that this may very well be the final massive increase for the oil and gasoline sector with a transition to renewable vitality gaining extra momentum.
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The platform was unveiled Tuesday morning on the chamber workplace in downtown Calgary.
“The chance and obligation to be strategic can’t be underestimated,” says the report.
The provincial authorities has forecast surpluses of $12.6 billion this yr, $5.6 billion subsequent yr and $5.3 billion in 2024-2025.
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Regardless of what ought to be a giant increase for the financial system out of three years of pandemic, Statistics Canada’s fourth-quarter Canadian Survey of enterprise circumstances had solely 57 per cent of Calgary companies optimistic in regards to the yr forward, in comparison with 71 % nationally.
Chamber members outlined 5 priorities that may very well be influenced by the provincial authorities, with entry to expertise and labor taking first place, adopted by inflation, price of doing enterprise, capability to safe funding and funding, and provide chain constraints.
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The report provides their highway map to handle these points.
The significance of fiscal accountability transferring ahead
Step one is fiscal accountability. Members mentioned the surpluses ought to be allotted to 4 key areas with 30 per cent to debt compensation, 40 per cent to the Alberta Heritage Financial savings Belief Fund, 20 per cent to strategic one-time investments that generate financial returns and promote diversification and 10 per cent to affordability measures which have the fast impression of inflation eased.
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The second step is to handle affordability and rising prices. This may be achieved in a number of methods by reducing company taxes to between six and eight % whereas decreasing small enterprise taxes to under two %.
Additionally they name for measures to take care of the affordability of utilities and different prices whereas persevering with to chop crimson tape.
The third step is to proceed investing in financial diversification and competitiveness.
The report famous that 70 % of Alberta’s royalties come from oil and gasoline, underscoring the necessity for different sources of income to be developed. It builds on main initiatives from the province and native companies in a lot of sectors, together with inexperienced vitality, know-how, agriculture, tourism, movie and tv and others. In lots of circumstances, the present oil and gasoline infrastructure performs a key position in that diversification into clear vitality and know-how.
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The chamber requires extra de-risking of investments in vitality and important mineral initiatives in addition to the know-how sector.
Fill vacancies
The fourth step — expertise and labor — is the chamber’s prime precedence and isn’t remoted to an Alberta or Calgary problem. Because of the financial exercise of the province, nonetheless, it’s most likely extra acute right here.
Calgary hit a file excessive of 103,000 vacancies on the finish of the third quarter in 2022, a complete that grew by 15,000 because the begin of the primary quarter. This occurred as Calgary skilled file inhabitants development in 2022 with greater than 40,000 folks transferring to town.
The vacancies are in all sectors from vitality, to know-how, truck drivers, development, hospitality and every part in between. With numerous open jobs, the financial system will battle to operate at its optimum stage and get better slowly. The chamber is asking for motion to streamline the immigration course of to certify certified expert expertise. Additionally they name for extra funding in post-secondary help and programming to raised develop expert labor right here.
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The ultimate part is for strategic infrastructure investments. This contains funding within the arts and public security, but in addition important in downtown group improvement and re-gentrification.
That is one thing former premier Jason Kenney did not do in his final funds, setting apart simply $5 million in whole for downtown Calgary redevelopment. The Chamber hopes to see a better dedication from whoever wins the following provincial election.
Extra to come back…
jaldrich@postmedia.com
Twitter: @JoshAldrich03
