Jack Mintz: Why Alberta's twin down under has had much better luck fpcomment
This is a tale of two governments, both wealthy, but falling on hard times. Western Australia, with 2.6 million people, is rich with mining resources and natural gas while Alberta’s 4.2 million people are blessed with oil and gas resources.
Like Alberta, W.A. was hit hard with resource prices plummeting after 2014. W.A.’s economy barely eked out positive growth in the past four years with an average annual growth rate of about one per cent. Alberta had two bad recessionary years after 2014, good performance in 2017 but weaker growth in 2018. Overall, Alberta’s growth stalled, falling on average by 0.9 per cent annually in the past four years.
You won’t find a carbon tax in Western Australia. Instead, the state has tried to raise royalties, on iron ore five years ago and gold in the past year, to help cover its expenditure needs. Neither royalty increase took place due to concerns over competitiveness and a weak economy. In 2018-19, A$1 billion more in GST revenues has been allotted to Western Australia bringing W.A.’s share to 47 cents of each per capita dollar of GST. The Labor government has not given up on a better deal. It argues that the equalization program fails to support state governments when volatile royalty payments go south in bad times . Equalization also undermines the incentive to raise taxes that are clawed back by reduced GST payments.
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