Thank you, Madam Chair. First I want to thank the committee that did all of the work on this bill because I do sit on two other committees that are quite busy; I didn't delve into it quite the same way they did, and really looked to that report to inform me as I have struggled with this bill and my position on it.
When I look at the choice in front of us, I realize we really just don't have much of a choice. We're either going to -- you know, as everybody has said, we're either going to look to the federal legislation if we defeat the bill here today and not -- then the GNWT obviously would not be in compliance with the federal requirements and we would then fall under their tax. So whether we go ahead as stated and pass this bill or defeat this bill, either way residents of the Northwest Territories will be paying this tax.
And what I hear -- and I know it's one item in the Minister's statements but the comment of some -- there will be minimal impacts to some. And I feel that that's just a totally wrong statement. There is nobody in this territory that is not going to feel the ramifications of this tax, whether or not you are a consumer or a purchaser. You could be in public housing, it doesn't matter. You will in some way bear the burden and pay the costs of this tax as businesses, governments, etcetera, pass it along to others. So I understand and -- I think I don't really even need to state it. I am a strong supporter of our resource extraction sector. That has been something I have stated from before I ever sat in this House and something that I believe is truly in need of support. And I do recognize that the Minister's approach to Bill 60 will allow for some of the industry that we currently have in the territory, our future industry, to have better circumstances and perhaps then that would be the make it or break it decision point for some of these projects to go forward. Specifically, Bill 60 does provide favourable treatment for smaller mines, newer mines, and mines that are closing; basically the situation we're at for every single one of our potential projects or current projects. We don't have any mines that are strongly in full production that will go for the next decade. So I recognize that. And I have heard from some industry stakeholders on the benefits but have to say, actually, Madam Chair, nobody contacted me from industry other than a few things that were forwarded on to me by third parties. But that being said, that does somewhat I think speak in some manners about where industry may be at in their own lobbying efforts as they're -- as their own sort of impetus to work on our government dwindles, as they look to other jurisdictions that are a lot more favourable for their sector.
I think we're already in quite a desperate spot when it comes to our mining and resource sector industry anyway; however, I do recognize the value of maintaining that control and flexibility in how we impose the tax. But when I look at the benefits to industry and where industry is at currently, I don't know how much that offsets the cost to everybody else in this territory. Residents can't afford this tax. I've heard it from any colleagues. I've heard it from people messaging me. Whether or not the public fully understands the ramifications of whether we say yes or no to Bill 60, the perception is out there that this is hurtful to us as -- and for us as my colleague said, we have a responsibility to listen to the residents that are contacting us, and that is something that I'm hearing. They're strapped for cash. Our current inflation rate is at 7.2 percent, and wages have not kept up with that. The housing stock, as mentioned, is quite old. It's not energy efficient, and we don't have that alternative energy source so therefore we all will be forced to absorb these higher costs. And when I look at the offsets that are being proposed by Bill 60, the cost of living offset is a step in the right direction and would provide all residents with -- my riding anyway, with $450 to $500 a year to offset their tax. But those amounts are based on average increased costs for average households. So that means some households, especially those with higher costs or fewer people, like myself -- I'm a single person, I'm going to struggle, because I'm only going to get one COLO in this situation. So anybody that is a single parent, empty nesters, elders, low income residents, that are not in public housing, we are all going to feel the effects of being one person or few people in a household.
Another piece that I'm really concerned about, and I know is going to have a massive indirect impact when the carbon tax is imposed, is on the NGO sector. It's already a strapped sector for cash that is really constantly operating on the margins, if not in deficits. The GNWT has not provided -- my understanding has not provided any offsets to NGOs for increased carbon tax costs. So even if you just look at that from, like, an optics perspective, we're going to sit here and hand the richest people, the industry, the richest industry in our territory, help. And I understand why. I know how economics work. But then we're not going to turn around and help the people that we're relying on to take care of people because our own social services can't take care of it. I come back to the shelter workers as an example of that. GNWT employees are not going to face these problems. But when you're paying somebody $20 an hour to do shelter work, which is really the responsibility of this Cabinet and this government, you know, to then turn around and say they don't get to have any sort of offset to help, they're going to lay off people; they're going to cut staffing; they're going to cut training; they're going to cut wages. I also want to support my colleagues.
Our remote communities are the most impacted by climate change and the rising cost of living. I've seen this. I've travelled into these communities in my past life and in my current. And my colleagues from small communities are very concerned about the rising carbon tax. We've heard my colleague from Tu Nedhe-Wiilideh speak at length about the high and rising fuel costs of his constituents, and my colleague from Nunakput talking about people struggling to put food on their table and choose between heating their homes and feeding their kids. So while this bill has some benefits for industry -- and I can't say enough how much I do support industry, and I know that personally this is not going to be a popular decision, and -- and I'm -- you know what, I have to say I'm -- it bothers me that I'm in this position. It didn't need to be this way. And so now I have to make a decision, do I listen to residents of this territory or do I listen to industry of this territory? And to me, they're not opposing each other. However, we've now pitted them against each other, yet again making the mining industry in this weird dichotomy between social issues and taking care of our residents, and industry. And I do blame the government for creating this back and forth or this adversarial relationship there. It's the same thing I heard when we talked about agriculture supports. People saying well, it's agriculture or it's mining. These are not two polar opposite things. And then the same thing here I say supporting our residents does not mean not supporting our industry and vice versa. So I do have a lot of reservations here but likely will be voting in solidarity with my colleagues. And I really think that what needs to happen here or what I hope to see happening by the defeat of Bill 60 is that this is a very strong message to the federal government. My colleague has made waves on the federal stage. So if the federal government or the argument from the Cabinet's side is that the federal government is not going to take care of us anyway, they ignore us, we're not important, well then maybe this is a chance for us to take a stand and say, hey, you've made promises on the backs of people in this territory that are already struggling, that are already in third world conditions, and now you want them to pay so that you can sit in Ottawa and act like you are some eco-warrior saving the earth to make your supporters and your campaign donors look good and green wash yourself for the next election? No. I say it's time for us to stand up and -- it comes back to trust, and when I look at it from a purely Great Slave resident perspective, we don't -- either way, I get the same thing; they get the same thing, whether it be the feds, whether it be Cabinet. So I say let's use this time now to show Ottawa that we need to have them pay attention to us. And if that hasn't happened and this is the excuse, then that is on Cabinet. Thank you, Madam Chair.