How can this be? Because we don't get royalties and most of the tax increases are clawed back by the federal government. So our net fiscal benefit from the development of natural resources doesn't even cover our government's costs. These costs include our highway infrastructure taking a beating from significantly increased traffic; the social costs when development has a negative impact on our communities and families; and the increased need for training and education.
Mr. Speaker, with diamond mines being so profitable, I've heard some who suggest we could solve our money problems if we brought in a mining tax. That might get us some extra money for a year or even three. But with every new formula financing deal we sign with Ottawa, they seem to claw back most new revenues. So tax increases or new taxes are not the long-term solution.
Perhaps in the near term, we need to look for other ways to ensure development benefits Northerners. For instance, maybe we need to explore the possibility of ensuring developers help us fund training programs. In the long run, though, Northerners deserve a fair share of the proceeds from resource development in our territory.
Mr. Speaker, I seek unanimous consent to conclude my statement.