The just-released fall economic statement did not come with enough new programs to help Canadians, says Rona Ambrose
Former interim Conservative leader Rona Ambrose said that the Liberal government’s latest economic statement represents an even greater financial burden for consumers, adding that it does not come with enough new programs to help Canadians.
The fiscal update released yesterday (November 21) included $20.8 billion in new spending over six years, with specific focus on the top priorities of affordable housing and clean energy.
However, finance minister Chrystia Freeland is not expecting to achieve a balanced budget over the next six years. The fiscal update stretched out the federal deficit up to an $18.4-billion deficit by 2028-29.
Ambrose zeroed in on this particular point, describing it as “very concerning, because it’s costing us a lot of money to pay off this deficit.”
The strategy comes with a significant risk of much higher spending due to an expected election in the coming years, Ambrose said.
“Everyone was looking for a return to a balanced budget, some type of strong fiscal anchor,” she told BNN Bloomberg. “We don’t see that.”
Contrary to Prime Minister Justin Trudeau's recent statements, academics argue that housing remains a direct federal responsibility. https://t.co/n4mDyZlPqU#mortgagenews #mortgageindustry #housingmarket #housingpolicy
— Canadian Mortgage Professional Magazine (@CMPmagazine) August 10, 2023
On the other hand, Ambrose welcomed the fiscal update’s announcement of a new Canadian mortgage charter, which outlines requirements for banks when it comes to providing financial relief options for Canadians.
“It goes without saying that banks are doing all of this stuff already … but I think what the government is saying is ‘Look, we’re going to hold you to it, banks,’” Ambrose said.
“They’re setting out this expectation, which – I think – is a positive thing and probably is already happening.”
The federal government said that the Charter would help ensure that “Canadians have access to the tailored mortgage relief they need at a time of higher interest rates.”
