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ARTICLE · 31 MARCH 2016

2016 Federal Budget: Growing The Middle Class

Grant Thornton
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The new Liberal government's first federal budget focuses on growing the middle class and strengthening the economy through both tax measures and non-tax measures...

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Stephanie Fennell-Brown
Stephanie Fennell-Brown
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The new Liberal government's first federal budget focuses on growing the middle class and strengthening the economy through both tax measures and non-tax measures, such as infrastructure investments and in strategic investments in clean technology.

Forecasted deficits

As widely anticipated, the budget projects significant deficits over the next several years.

The government forecasts a deficit of $5.4 billion for 2015–16, and projects additional deficits of $29.4 billion, $29 billion, $22.8 billion, $17.7 billion and $14.3 billion for 2016–17, 2017–18, 2018–19, 2019–2020 and 2020–2021 respectively. Although the Conservative government passed the Federal Balanced Budget Act in June 2015, the Liberals have indicated that they will propose legislative repeal of this Act.

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