Thank you, Mr. Speaker. Mr. Speaker, my question is directed to the Minister of Finance and his commitment that he’s going to look at a possible equity share in the pipeline. Well, I, for one, do not support that initiative. I would like to ask the Minister of Finance...If you’re going to look into anything, you should look at the hundreds and tens of millions of dollars we’ve put into the diamond industry and really got nothing back. I’d like to ask the Minister, before you decide to look at the pipeline, maybe you should focus on the diamond industry where this government has put tens of millions of dollars in it, spent money on secondary industries, basically bailing out diamond plants and also basically developing training programs through our colleges and whatnot by way of diamond cutting and polishing training course. So I’d like to ask the Minister, would you seriously consider looking at the diamond industry before you consider looking at the pipeline? Thank you.
Thank you, Mr. Krutko. The honourable Minister of Finance, Mr. Miltenberger.
Thank you, Mr. Speaker. We’re not committing to look at taking an equity position in anything. I’ve committed to bring forward a paper that would lay out some of the considerations if we were going to look at that, some of the challenges, the lack of funds, what kind of…(inaudible)…building you would have and those type of very basic, fundamental issues before we would even think of being able to try to move forward on any project. Thank you.
Mr. Speaker, I think we should watch what we ask for here, because I think if you’re going to open up one box, you’re going to be opening up a whole bunch of boxes from hydro development to diamond industry to oil and gas to you name it. You start opening up these boxes, you better be willing to look at everything that’s under the sun. I’d like to ask the Minister, if you’re going to consider this policy, you better make it a policy that basically affects the whole Northwest Territories in all sectors by way of the hydro sector, the oil and gas sector, the minerals sector, the diamonds sector and the tourism sector. Are you willing to consider all those options?
Thank you, Mr. Krutko. I must remind the Member to address your comments through the Chair. Mr. Miltenberger.
Mr. Speaker, I’ve committed to get a document done, a basic discussion paper that I’ve committed to share with the Members. Clearly, if we look at this area we have to be prepared, as the Member indicated, to consider everything. We’re going to have very limited capacity to take an equity position in anything, I would suggest. However, we will do a paper, lay out what may be entailed and what our capabilities are. Thank you.
Mr. Speaker, in regard to any equity share that you liken to business, there are usually gives and takes. I’d like to ask the Minister, would you also consider that you’d look at an equity share, that you’d forgive the tax by way of corporate taxes and any tax revenue that may come from these developments, and in lieu of those revenues would you consider what the financial implications of those decisions are?
The Member is getting far, far ahead of anything that may even be considered to happen here. There was a general request about why doesn’t the government take an equity position and will you come forward with a paper that outlines what’s possible in terms of even considering it or being capable to afford it. We’re going to look at that. We’re nowhere near any time of consideration at the level of detail that the Member is suggesting. Thank you.
Thank you, Mr. Miltenberger. Final supplementary, Mr. Krutko.
Mr. Speaker, in regard to the Minister wanting to look at the equity share and this stuff, would he also consider looking at the possibility of a resource tax, which is probably a better mix than looking at an equity share in regard to these types of developments?
As a government we’ve already made a decision that we were going to stand back from the $30 million in revenue that we were going to generate through possible tax increases. So at this point, given the economic circumstances, we don’t see any type of new tax regime as having much appropriateness at this particular time. Once again, we’ll bring forward a very basic paper on the potential of equity positions by governments, does it make sense, is it affordable, and if it is, would we even want to consider it given all our other pressures. Thank you.
Thank you, Mr. Miltenberger. The honourable Member for Yellowknife Centre, Mr. Hawkins.
