The 1995 federal budget began a process of major policy reforms that put the government on a path to fiscal balance.
federal government spending
Federal debt interest costs increased by 90 per cent in just two years.
A national pharmacare program would cost an estimated $15.3 billion in 2027.
Between 2024/25 and 2027/28, the federal government has increased projected spending by $30.7 billion more than previously forecasted.
The federal debt-to-GDP ratio will increase to 42.4 per cent in 2023-24 then climb higher in 2024-25.
Projected federal spending from 2024 to 2027 is now $30.7 billion higher than previous forecasts.
Since 2014/15, federal government debt interest costs have nearly doubled.
By the end of this fiscal year, the federal government will have racked up $591.9 billion in debt since 2015.
Federal spending in 2023/24 will increase by $5.6 billion more than the government’s previous projection.