Thank you, Mr. Speaker. Mr. Speaker, similar to the previous speaker and also as the Minister previously spoke about, in the North we are living in some challenging times regarding the economy. The commitments we made in the 18th Legislative Assembly mandate are broad and cover a lot of ground. We need exploration and mining, we also need communications, we need roads, but we also need to invest in healthy communities. We need paved airstrips, but we also need vibrant schools. We need more businesses and jobs, but we also must invest in education, health, innovation, technology and in our well-being.
Now is not the time to rest and wait for the economy to somehow come around. It's our job to invest, to provide the boost that Northerners need to see in their economy. More recent economic indicators would attest that now is not the time for massive government cutbacks. As of late, the NWT has lost the Snap Lake Mine, and the De Beers head office has moved south. Long-time northern transporter NTCL is in decline and unlikely to rebound. Imperial Oil is in the midst of selling off its assets after almost 100 years operating in the Norman Wells area.
Equally troubling are the resulting impacts of the economy: less disposable income for families; a significant downturn for local small business growth; residents relocating south, accompanied by reduced federal transfer payments.
Mr. Speaker, I agree with the Minister of Finance, that it would be irresponsible and risky to live beyond our means. I do not support running a deficit. However, if we don't invest in what's possible, we cannot hope to meet the goals we have set as a government and as a territory. While we continue to rest on the pillars of resource development, the 18th Assembly has committed to diversifying the economy through support for emerging industries like tourism, agriculture, film production, arts, fisheries and trapping, and the renewable sector. Mr. Speaker, solutions can be found in our commitment to invest in our communities.
Our mandate recognizes that a thriving economy needs healthy, educated people, a vibrant environment for small business, and opportunities for education and training. We need to invest in the resources we have already proven in sectors that are ready to grow.
Mr. Speaker, at the appropriate time, I'll have questions for the Minister of Industry, Tourism and Investment. Thank you, Mr. Speaker.
Masi. Members' statements. Member for Hay River North.
