Key Points of PM Mark Carney's First Federal Budget
The first federal budget of Prime Minister Mark Carney is anticipated to be bold and ambitious, meeting the current moment, but potentially at a significant cost.
The last economic update was provided in December 2024, with a projected $48.3 billion deficit for 2024-25, aiming to reduce it to $23 billion by the end of the 2029-30 fiscal year.
Carney's government, which came into office during a trade war with the US, has promised to reduce reliance on Canada's southern neighbors and may not follow the previously suggested path.
As the budget is automatically a confidence vote in the minority Liberal government, its outcome is crucial.
Carney has promised that his first budget will be bold, ambitious, and “meet this moment”
Author's summary: PM Mark Carney's first budget is expected to be bold and costly.