Federal Government Budget Review
The Federal Government released it’s 2023-24 Budget - A Made in Canada Plan yesterday; here’s a snapshot of some commitments by the government that will impact our business community. This update offers a focus on the key themes advocated for by the Whitby Chamber of Commerce’s Advocacy Committee, namely workforce support, housing, transportation, and healthcare.
This budget has stark changes when compared to the commitments of the November “mini-budget”. The deficit for the fiscal year ending this week grows to $40.1 billion, or 1.5 per cent of gross domestic product, from the $36.4 billion Minister Freeland forecasted in her November budget update. Revenue projections are down $5.7 billion on average per year from November’s budget update.
The government is responding to the economic conditions exacerbated by inflation, with significant spending in key industries, specifically clean energy and manufacturing. The “cuts”, some critiques highlight, do not go far enough to manage spending and the federal debt. The government plans to cut $7.1 billion over five years on consultants, travel and professional services.
Business, Industry and Workforce
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