Thank you, Mr. Speaker. Mr. Speaker, our economic prospects are in great shape with employment activity, tax revenues and investment in the Northwest Territories at record levels. We do indeed have something to celebrate and be thankful for.
We are challenged though, in terms of managing this rapid, even frantic pace of development. One of the consequences on us all, Mr. Speaker, is the pressure on our cost of living. That is my concern today and it is the concern of a lot of other Northerners. Why, oh why, Mr. Speaker, does it cost so much to fly?
We are fortunate to have our major airlines providing overall superb service to us as northern-owned enterprises competing with each other for our business. They do their part, probably more than their part, as good corporate and community citizens. They have had their share of hits in the last few months with high fuel costs, decreased passenger loads and increased security costs in this post-terrorism world.
It seems, Mr. Speaker, that competition among our two northern-owned airlines is not doing much to serve this market, at least in terms of curbing increases to air fares. The high cost of air fare remains one of our key cost drivers. It is one of the big problems people point to when they consider making the Northwest Territories their home. It is a significant barrier to realizing real growth in our tourism industry. It is one of the things we wish we could change and help make living and working up here more manageable.
Mr. Speaker, a quick survey of air fares on principal routes tells the story. Today, a full fare return flight from Yellowknife to Edmonton is $1,708.50. In 1997, five years ago, it was $1,180. That is an increase, in five years, of 70 percent. If we go back 10 years, Mr. Speaker, the cost was $830. That is over 100 percent increase in 10 years.
Let us compare that to the consumer price index for Yellowknife. Since 1995, on all goods and services, Mr. Speaker, 6.5 percent. Over a 10-year period, 11 percent. I understand economies of scale and high overhead costs as well as anyone, Mr. Speaker, but we are so far off the dial that it defies logic.
Mr. Speaker, I am told this has driven one of the North's diamond mines to subsidize their own program. Mr. Speaker, I seek unanimous consent to conclude my statement.