Fall Economic Statement focuses on jobs, clean technology; signals fiscal responsibility
Calgary, November 3, 2022 – The Calgary Chamber of Commerce is encouraged by the federal government’s focus on innovation, sustainable jobs, and competitiveness outlined in the 2022 Fall Economic Statement. The fiscal update outlines a clear path towards balance and fiscal sustainability and provides a realistic and cautious outlook on the future of the economy. However, businesses across the country continue to struggle, challenged largely by rising costs, inflation, and labour shortages – all requiring an increased focus heading into next year.
“We are encouraged by the government’s commitment to competitiveness, focus on clean energy, and movement towards aligning with the Inflation Reduction Act. These steps will be critical to ensure investments continue to be made in Canada,” said Deborah Yedlin, President and CEO of the Calgary Chamber of Commerce. “However, small businesses continue to bear the weight of inflation and labour shortages, and we’re hoping to see an increased focus on small businesses in Budget 2023 to ensure economic stability and productivity across all sectors so businesses can weather economic uncertainty."
The Calgary Chamber is particularly encouraged by the following investments and initiatives outlined in the Fall Economic Statement, including commitments to:
Advance the Canada Growth Fund to encourage investments in clean technology.
Enhance competitiveness in response to the Inflation Reduction Act by creating a 30 per cent tax credit for the development of clean technology.
Create investment tax credits in clean technologies and clean hydrogen.
Fiscal responsibility and a clear path to a balanced budget by 2027.
Help ensure Canadian workers have the skills to succeed in a global net-zero economy, through an investment of $250 million over five years.
Decrease credit card transaction fees for small businesses.
Invest $3.8 billion in Canada’s first Critical Minerals Strategy.
Reduce existing wait times and backlogs in the immigration system.
Eliminate interest on federal student loans to alleviate the economic burden on Canada’s young workers.
As the government looks to develop Budget 2023, the Calgary Chamber urges engagement with the business community, alongside increased focus on:
Supporting small businesses as they face rising cost pressures and record-high inflation, including rebates for energy costs and incentives for hiring.
Reducing interprovincial trade barriers to make it easier for businesses to grow and export within Canada.
Investing in economic infrastructure, including the creation of economic corridors of national importance.
Attracting talent to alleviate the labour shortage faced by businesses across sectors.
Creating a regulatory framework that supports investment and certainty to ensure public and private capital can be deployed effectively and promptly.
ABOUT THE CALGARY CHAMBER
The Calgary Chamber exists to help businesses thrive. As the convenor and catalyst for a vibrant, inclusive, and prosperous business community, the Chamber works to build strength and resilience among its members and position Calgary as a magnet for talent, diversification, and opportunity. As an independent, non-profit, non-partisan organization, we build on our 131-year history to serve and advocate for businesses of all sizes, in all sectors, and across the city.
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