The Fall Economic Statement (FES) showed a much larger budget deficit for the previous fiscal year than previously estimated, but that was largely due to one-off charges related to indigenous settlements. Compared to Budget 2024, the new net spending measures for the current year total $5.5bn, or just 0.2% of GDP, mainly due to the GST holiday. Crucially, there was no mention of the tax rebates previously announced for next year, meaning the new net spending measures announced today were small and the FES was a secondary event compared to the abrupt resignation of Finance Minister Chrystia Freeland.
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