According to forecasts, federal spending will be $89.2 billion higher than previously projected for 2022/23 and $80.7 billion higher in 2023/24.
Government Spending & Taxes
At every opportunity, the government has spent unexpected revenue windfalls.
Under the CCB, the share of total child benefit spending for families with incomes under $60,000 declined from 42.9 per cent to 29.7 per cent.
The province's net debt increased in 2021/22 by $2.6 billion to reach $55.8 billion.
Resource revenues are set to increase substantially.
In 2020, the federal expenditure share jumped to 40 per cent.
Government spending represented 40.4 per cent of the country's economy in 2019, up from 37.4 per cent in 2007.
In the last year of reliable data before the pandemic, government spending in Nova Scotia represented 60.2 per cent of the economy.
A lack of fiscal prudence left Canada vulnerable when the pandemic hit.
Canada's productivity growth and levels of business investment have been lacklustre for decades.
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