Heritage Fund success

By Chantelle de Jonge Chestermere-Strathmore MLA

This past week, our government announced that Alberta’s Heritage Savings Trust Fund (Heritage Fund) hit an all-time high of $22.1 billion.  

As part of the new fiscal framework passed in 2023, our government has been paying down debt, keeping taxes low, balancing the budget, and growing the Heritage Fund for current and future generations of Albertans – all while investing in health care and education.

Established in 1976 by former premier Peter Lougheed, the Heritage Fund has been a cornerstone of Alberta’s financial success, resilience, and prosperity through the years. The fund has contributed to the development of sectors such as technology, education, and health care. And this diversification has made it easier for us to weather the ups and downs of our resource-based economies. Unfortunately, significant investment income has been withdrawn from the Heritage Fund, meaning it has not grown into the juggernaut of Norway’s $1.6 trillion sovereign wealth fund or anything like it. 

While the Heritage Fund is currently the highest it’s ever been, Premier Danielle Smith has laid out an ambitious plan to grow the fund to anywhere between $250 and $400 billion by 2050. While this may seem like a very hard target to meet, with the moves our government is making today, economists agree we can get there.

With the strong economic policies implemented, Alberta has experienced an economic resurgence – with new jobs, investment, and population growth. The Heritage Fund represents a visionary approach to resource management that prioritizes both present needs and future sustainability. It’s prudent investment strategies, focus on economic diversification, and commitment to inter-generational equity make it a valuable asset that continues to benefit Albertans today and will do so for generations to come. 

I am proud our government has gotten Alberta’s finances back on track, all while investing in the programs and services that matter to Albertans. Through our new fiscal framework, we are building an Alberta that is not only strong and free, but resilient to whatever challenges lie ahead.

As always, please feel free to contact me with your feedback or concerns (Chesteremere.Strathmore@assembly.ab.ca).

(Chantelle de Jonge is the MLA for Chestermere-Strathmore and the Parliamentary Secretary for Affordability and Utilities)