A talk by former Alberta Provincial Treasurer Jim Dinning

View Mr. Dinning’s remarks

Thursday, March 7, 2002
Sheraton Halifax Hotel, Halifax AB Room
Networking 11:30 – 12:00
Luncheon 12:00 – 2:00

“Non-renewable natural resource revenues are non-reliable revenues” and “Natural resource wealth doesn’t belong just to this generation. It belongs to our children and our children’s children. And it’s our responsibility to use those resources wisely.” These are the two key messages former Alberta Provincial Treasurer Jim Dinning delivered to a sold out crowd today at the latest AIMS co-sponsored, Economic Leadership Speakers Series event.

Mr. Dinning related his own experiences and those of the province of Alberta in painting a picture for the audience of the do’s and don’ts of managing natural resource wealth. He explained that the biggest risk in managing resource wealth is treating the money as if it is a revenue stream that will last forever. It doesn’t.

If the governments, and the people, of Nova Scotia and Newfoundland can stay focused on the unpredictable and fleeting nature of resource wealth, then they may have a chance to control, if not entirely avoid, the three biggest pitfalls of a suddenly resource rich economy:

– Increased revenue causes increased spending.
– Expectations ALWAYS exceed pocketbook.
– Tomorrow’s dreams take a back seat to today’s demands.

View selected photographs from this event