Federal program spending is expected to grow by $132.7 billion—or 41 per cent—between 2014/15 and 2023/24.
The federal debt-to-GDP ratio is on track to increase between 2022-23 and 2023-24.
The effects of a recession could set off a debt “doom loop” with the debt ratio spiralling upward.
The prime minister disbanded the Expenditure Review Committee, which assessed the efficacy of government programs.
The 2016-2019 period had the weakest economic performance of the five periods analyzed.
The 2016-2019 period contained the weakest performance for income growth, labour markets and business investment.