Friday’s forecast to show worsening projections that may limit Liberals’ ability to deliver new spending on housing and pharmacare
New homes are constructed in Ottawa on Aug. 14. A new Nanos survey shows an overwhelming number of Canadians lack confidence that housing affordability will improve over the next five years.
This means government finances could be squeezed by a combination of slowing growth and more costly debt servicing, as outstanding bonds mature and need to be refinanced at higher interest rates. In recent months, long-term interest rates have risen dramatically amid a globalrout. The yield on 10-year Government of Canada bonds is just shy of 4 per cent, from around 2.8 per cent six months ago.
“Something fundamental has changed,” he said in an interview. “It’s not the free money, or the zero real interest rates that we have been looking at for a number of years up to and including the pandemic. ... Some tough decisions are going to have to be made in the coming months and years on government finances.”
The survey also shows the NDP and the Conservatives are more trusted than the are more trusted than the Liberals on managing inflation. Only 8 per cent of respondents said they trusted the Economic and fiscal updates can include new policy announcements, but they are primarily an accounting of how economic events and recent spending announcements have changed federal projections for deficits and debt., the deficit for the current fiscal year was projected to be $40.1-billion, declining each year after that. The federal debt as a percentage of GDP was projected to be 43.5 per cent this year, with slight declines to follow.
Mr. Bartlett said those factors leave Ottawa with less room to announce major new spending in areas such as housing or pharmacare, which is a priority for the NDP in the minority Parliament.
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