The much anticipated budget is here and it’s bringing bigger deficits, at $78B this year before scaling down to $57B in 2030.

Carney’s camp has emphasized that the majority of this fiscal hole is linked to its 5-year, $280B capital investment program - led by the major projects, defense spend, and housing programs we’ve all heard of.

Also included in that figure are some accelerated depreciation incentives, allowing a full year one write-off of certain equipment, machinery, and CapEx. That should drive fixed capital formation and productivity higher…

… as should a reduction in the size of our public sector, with the government looking to shed 40K federal jobs - part of its $60B cost savings target.

At 500 pages, it’s long - but we’ll follow the key items (like the emissions cap) and keep you in the loop.

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