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OTTAWA — Fresh off a newly minted majority government, the Liberals under Mark Carney are set to table a spring economic update on April 28, offering a snapshot of the country’s finances amid global economic uncertainty.
Finance Minister François-Philippe Champagne announced the date in the House of Commons, saying the update will outline measures aimed at supporting Canadians and key industries.
The fiscal update will be the first under Carney’s revised schedule, which shifts the federal budget to the fall and positions the spring document as a mid-year economic statement.
The release comes as Canadians face rising costs, particularly for fuel, linked to ongoing conflict in the Middle East and disruptions to global energy supplies.
Earlier in the day, Carney announced a temporary suspension of the federal excise tax on gasoline and diesel, and signalled the upcoming update will include additional measures, including adjustments to previously announced policies.
The government’s last budget, tabled in November, projected a deficit of $78.3 billion for the fiscal year that ended March 31 and a deficit of more than $65 billion for the current fiscal year.
Economists expect the spring update to reflect similar fiscal projections, though it may also introduce new spending measures as the government responds to economic pressures and evolving global conditions.
The update will be closely watched by markets and policymakers for signals on the government’s economic priorities, particularly as it seeks to balance affordability measures with longer-term plans to strengthen the economy.
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