Monte Solberg

Canadian business will be watching closely Monday to see who gets the key economic portfolios in the new Harper Conservative government.

Two top contenders have emerged for the job of Finance Minister. Long-time finance critic Monte Solberg brings experience dealing with the federal accounts, while former Ontario finance minister Jim Flaherty is also a front-runner based on his experience in the former Harris government.

Mr. Solberg, an Albertan, was instrumental in drafting up the economic planks of the Conservative platform. As the lead economic spokesman for the Conservatives in Opposition, he was a relentless critic of the Liberal government for routinely under-estimating the size of the federal surplus. The Conservatives are proposing an independent parliamentary office that would monitor federal spending and provide an "objective" analysis to MPs.

Mr. Solberg believes the federal surplus should be used to cut taxes.

Mr. Flaherty served as Ontario finance minister in 2001-2002. He also favours tax cuts – he once proposed tax credits for parents sending their children to denominational schools – and is well known among Bay Streeters. He hails from the Toronto suburbs, which could boost his chances given the Conservatives poor showing among urban voters.

Whoever emerges as finance minister Monday will face a steep learning curve. Sources suggest the new government wants to bring in a Budget in late March that will begin to implement its election program, including a cut in the GST and the $1,200 a year childcare payment.

Other economic portfolios will also be worth watching, and newly-elected Conservatives with experience at the provincial level are almost certain to be included in the Harper inner circle.

Ottawa's John Baird could be a candidate for president of the Treasury Board, which controls the government purse strings and plays a key role in drafting and carrying out public service employment policies and practices.

Another key economic posting will be the Industry ministry, which administers several federal programs, including grants and subsidies to business.