As the Canadian economy faces the fourth wave of the COVID-19 pandemic, the Liberals are under pressure to act quickly upon their fiscal goals.
The Liberals, fresh off achieving yet another minority government, are now setting their sights on enacting the policies laid out in their platform. As the Canadian Press reports, the Liberals are expected to release a financial update in the coming weeks offering a view into how Canada's economy will deal with the ongoing threats posed by COVID-19. Following their 2015 victory, the Liberals were quick to enact higher taxes on top income earners.
According to The Canadian Press, Ottawa fiscal expert Kevin Page suggests Canadians want their government to get back to policy-making, as evidenced by the results of the election. He says while the Liberals are unlikely to rein in spending any time soon, they should work to make their financial plan more sustainable.
The deficit for this fiscal year was projected in August to be $138.2 billion, however many analysts expect that number to fall as Canada emerges from the pandemic.
With a minority government comes the need to collaborate with other parties. Whereas in the past the priorities have not been aligned, this time around there is some common ground. For example, there is widespread consensus regarding issues such as taxing multinational e-commerce companies, and reduce real estate speculation.