Jun 29, 2026
Despite a 3% increase in capital gains tax, Q1’s federal tax revenue posted its largest decline in over five years…
… driven by an 18% drop in GST linked to the carbon tax removal. That pushed the general government deficit ($34B) to 2.1% of nominal GDP…
… and the resulting 4% bump in government net debt to fund it pegs the new $1.5T total at 46% of GDP.
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