Press Release

Mark Carney government will spend less and invest more

A new approach to use every Canadian dollar strategically

Toronto, Ontario – Today, Mark Carney presented a new approach to federal budgeting that will save precious taxpayer dollars through stronger fiscal management while catalysing the growth we need to build the strongest economy in the G7.

“Canadians deserve a government that works for you — a government that spends less, and invests more,” said Carney. “We need a government that is focused on the outcomes that matter to Canadians rather than spending their hard-earned tax dollars. At the same time, with our economy under threat from our largest trading partner, Canada needs a responsible new budget framework that will catalyze transformative new investment in building Canada’s future. We are masters of our economic destiny.”

To achieve both goals, a government led by Mark Carney will separate the federal government’s operating and capital budgets, and make major changes to each. It will balance the federal operating budget over the next three years, creating room for personal tax cuts so that Canadians can keep more of their hard-earned money.

At the same time, Mark’s government will prioritize measures that drive the unprecedented long-term capital investments needed to grow our economy such as:

• millions of new homes to address the housing crisis,
• a major expansion in both conventional and clean energy systems to reduce our dependence on the United States and drive competitiveness in Canadian manufacturing,
• port, rail and infrastructure for the new trade corridors with major new trade partners, and
• defence equipment and dual-use defence infrastructure that is made in Canada to make our country more secure and prosperous. 

Unleashing this new investment era will maximize job creation, boost incomes for Canadian workers, and supply more resources for federal programs to protect the vulnerable and to build a stronger, fairer Canada.

A  government led by Mark Carney will also reinforce the Parliamentary Budget Officer’s resources and oversight to ensure that capital spending items are consistent with definitions set out in new legislation.

“Rather than the irresponsible ‘slash and burn’ approach of Pierre Poilievre, our approach will be disciplined, ambitious and high-impact,” Mark said. “It’s time to build an even better Canada.”

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