The trajectory of spending projections in each successive federal Fall Economic Statement (FES) since 2022 tells a story of fiscal drift. The 2022 FES put total spending for 2025/26 – the fiscal year we are now in – at $515.3 billion. Now, according to Budget 2025, the government projects spending $585.8 billion. In just three years, projected spending for 2025/26 has risen by $70 billion.
For more on Budget 2025, please see this C.D. Howe Institute Op-Ed published in The Globe and Mail.
Sources: Fall Economic Statement 2022, Fall Economic Statement 2023, Fall Economic Statement 2024, and Budget 2025.
