Canadian Prime Minister Mark Carney has officially confirmed that the federal government will unveil its budget this autumn. This announcement follows just days after Finance Minister Francois-Philippe Champagne hinted at an economic update rather than a full budget in the near future.
Carney made the declaration on Sunday while speaking at a press conference in Rome, shortly after attending the Vatican ceremony for Pope Leo XIV’s inauguration.
His statement highlights the new Liberal administration’s decision to delay rushing into budget planning, citing the recent formation of a new cabinet.
“There is not much value in trying to rush through a budget in a very narrow window, three weeks with a new cabinet,” Carney emphasized. His remarks suggest a strategic delay, aimed at allowing more time for discussions and planning, particularly ahead of major international events.
The Prime Minister made it clear that Canada will not present its federal budget before the NATO summit in June. He noted the importance of thorough consultations with the United States regarding bilateral economic ties before finalizing any fiscal blueprint.
The government is currently assessing sectors where cost-cutting measures can be implemented and productivity can be enhanced, especially within public service structures. This initiative forms part of a broader effort to deliver a “comprehensive, effective, ambitious, prudent” financial roadmap later in the year.
Carney touched on critical budgetary factors, including defense expenditure, the broader economic outlook, and the evolving trade dynamics with the United States. He said these elements, once aligned, will help shape a more responsible and visionary budget plan for the country.
Meanwhile, Finance Minister Champagne recently highlighted that about 70% of Canada’s retaliatory tariffs against the United States remain active. His comments, shared on social media platform X, were in response to criticisms by Conservative leader Pierre Poilievre.
Poilievre had accused Carney of quietly reducing U.S.-targeted tariffs to “nearly zero” without public disclosure. Champagne’s response was intended to clarify the government’s stance and assure Canadians that significant tariffs are still in place as part of Canada’s trade defense.
Aside from fiscal matters, Carney’s visit to Rome included high-profile meetings at the Vatican. He met with Ukrainian President Volodymyr Zelenskiy, Italian Prime Minister Giorgia Meloni, and European Commission President Ursula von der Leyen. These diplomatic engagements were held ahead of the upcoming G7 summit scheduled to take place in Canada in June.
With strategic economic planning now firmly shifted to the fall, Canadians can expect a well-rounded and carefully structured budget that reflects both domestic priorities and global realities.
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