Report from the Legislature
September 21, 2017
Moody’s Investors Service recently confirmed Saskatchewan’s Aaa credit rating.
Moody’s rating confirmation is thanks in large part to our 3-year plan to return to a balanced budget. The dividends of some difficult decisions in the budget are paying off with lower debt financing costs, and stability for our finances.
The first time Saskatchewan ever received the highest possible Aaa credit rating was under our government. In its credit opinion update, Moody’s stated that “Saskatchewan’s fiscal planning is supported by comprehensive and transparent financial reporting and the Province enjoys significant flexibility in its financial management.”
Our plan to keep Saskatchewan strong is working.
Credit ratings are higher than they were a decade ago, there’s less operating debt and we have the second-lowest debt-to-GDP ratio among the provinces. We will not burden future generations with ballooning deficits as other governments are choosing to do. We will stay on the path of fiscal prudence.
With renewed confidence from investors, for the first time since the recession, our economy is projected to grow again. Today Saskatchewan leads Canada in manufacturing sales is stronger and more diversified with 67,000 more jobs after a decade of growth.
According to the latest census data from Statistics Canada, the past decade saw Saskatchewan emerge as a national leader in income growth. Median income grew 36.5% with Yorkton posting the highest median income growth (+40.5%) among 152 metropolitan areas in Canada.
At a time of when our resilient and diversified economy is growing and Saskatchewan people are earning more than ever, our government continues to stand up for Saskatchewan’s interests. This means opposing federal tax changes that would threaten jobs and hurt our economy.
In addition to fighting an ill-conceived federal carbon tax that would hike costs, hurt competitiveness and do nothing to reduce emissions, we are also speaking out against the federal government’s new “tax fairness” plan that is vilifying Saskatchewan farmers, ranchers and small business owners.
Farms and small businesses are not “tax shelters”, as the federal government suggests. Farmers, ranchers and small business owners are the backbone of our economy – honest and hard-working women and men who proudly feed the world, create jobs and help grow our province.
They are the ones who risk their life’s savings, take out mortgages on their home, and forego vacations, unemployment insurance, benefits and even salaries to make a living. We will stand with them to protect the Saskatchewan Advantage, build on the strong foundation we have in place and ensure that our province is positioned to grow stronger than ever for years to come.