Deputy Prime Minister and Minister of Finance Chrystia Freeland today tabled her second Fall Economic Statement. This is the annual year-end update on federal finances and an outlook for the Canadian economy. Fall economic statements typically fall somewhere between a fiscal snapshot and a policy-oriented, budget-like document. Today’s update was much closer to the former, which is typical of a post-election fall statement.
The Deputy Prime Minister divided the fall economic statement into two major themes: finishing the fight against COVID-19 and building a strong, inclusive economic recovery. It included measures to protect public health, and pandemic support for workers, caregivers, and businesses.
This year’s fall economic statement should be viewed as a scene setter for the federal budget in early 2022. The focus of which will be to flesh out Liberal election platform commitments. Today’s update provided an overview of the fiscal framework Ottawa is committing to work within, and what the government may be willing to do with excess fiscal headroom going into the new year.
What should stakeholders and the public make of it all? Click through to find out.