Expect budget 2024 to 'be scant': economist

Experts say new measures in the federal government’s upcoming 2024 budget are likely limited amid tight fiscal conditions, but predict different figures for this year's deficit.

James Orlando, director and senior economist at TD Economics, said in a report last week that new spending in the 2024 federal budget, scheduled to be released on April 16, will focus on the previously announced pharmacare program. However, he noted that the ultimate budget impact of the program hinges on how its expanded, as its current form only relates to diabetic medication and contraceptives. 

“Beyond pharmacare, new budget measures are likely to be scant, with firepower being reserved for next year’s pre-election budget. The remaining focus will likely be on continuing to raise housing supply and address the cost of living,” Orlando said. 

“No major tax measures are expected to be unveiled, though (the) government will likely continue to tout previously announced changes, including to the alternative minimum tax.”