The new tax on luxury purchases of planes, boats, and high-end vehicles announced in the 2021 federal budget will negatively impact the sale of these items and reduce sales tax collected by federal and provincial governments, the Parliamentary Budget Officer (PBO) says. The Legislative Costing Note from the PBO estimates the measure would increase government coffers…
Planned Luxury Tax Would Reduce Sales and Tax Revenues: Budget Watchdog
‘Unprecedented’ Federal Spending Exceeds Amount During 2009 Global Recession, World War II: Report
“New normal” federal program spending has reached unprecedented levels in Canada, with per-person spending in 2021 expected to exceed $13,000—a 34.8 percent surge from pre-COVID levels in 2019, according to a new report. The report, published by the think tank Fraser Institute, notes that the federal government’s spending, adjusted for inflation, would have hit a…
Labor Promises $10B for Social Housing in Budget Reply
Australian Opposition leader Anthony Albanese has promised a $10 billion (US$7.7 billion) housing fund to build 30,000 social and affordable housing as part of Labor’s response to the 2021 Budget. In his Budget reply speech, Albanese said the Labor Party was committed to lifting wages, fixing age care, addressing the housing crisis, championing equality for…
Industry Bodies Welcome Home Ownership Initiatives in 2021 Budget
May 11, 2021
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The Australian housing and mortgage sectors are commending the federal governments new and expanded measures announced in the Federal Budget on Tuesday to help more Australians become homeowners and, in turn, drive economic recovery. Property Council of Australia (PCA) chief executive Ken Morrison said in a statement that the PCA commended the federal government for the…
Aged Care and Mental Health Priorities for Federal Government in Budget
May 10, 2021
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Australia’s mental health and aged care systems will receive record funding in the federal budget, with billions to be spent on the ailing sectors. Experts have warned the packages may only begin to gain ground back after years of funding shortfalls. Treasurer Josh Frydenberg will hand down his third budget on 11 May, with significant…
Industry Says Feds Not Doing Enough to Fortify Supply Chains, Manufacturing
Industry participants in the supply chain for products vital to Canada’s long-term economic success and security say Budget 2021 did not go far enough to ensure the country remains resilient and globally competitive
Budget 2021’s Big Spend Has Some Goodies for Business but Leaves Debt Worries
The Liberal government’s $101.4 billion new spend on COVID-relief and growth stimulus unveiled in the April 19 federal budget answers many questions posed last fall, but it still raises many concerns about its intent, timing, impact on economic growth, and the risky debt burden.
Budget 2021 Preview: Balancing Pandemic Support, Growth Spending While Keeping Debt Manageable
A key dynamic for the April 19 federal budget—the first in over two years—will be how the government expects to balance economic support, as the pandemic’s third wave intensifies, with the $70 billion to $100 billion it earmarked in stimulus spending last fall.
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