Carney's first budget falls short on promise to transform Canadian economy

"This isn't a generational budget, said Theo Argitis, senior vice president for policy at the Business Council of Canada. It goes in the right direction on some fronts, but I think Carney was not as ambitious as he could have been. Argitis said there was not enough that might speed private investment at the scale necessary for significant growth. If you're looking to transform the economy, this budget is not going to do it, he said."

"Carney, saying the tariffs and the uncertainty they had created would cost around 1.8 percent of gross domestic product (GDP), on Wednesday pushed back against the idea that he had been too cautious. This budget is a sea change in the approach for the government, he told reporters, noting a pledge to slash the pace of official spending and what he called unprecedented changes to the tax system to boost business investment."

Mark Carney presented his first budget promising generational investments to bolster the economy and withstand a trade war with the United States. Analysts said the budget fell short on ambition and was constrained by leading a minority government that must rely on political rivals. Critics argued the measures are unlikely to accelerate private investment at the scale needed for significant growth and will not transform the economy. Carney estimated tariffs and uncertainty could shave about 1.8 percent off GDP and defended the budget as a sea change, citing spending pace reductions and tax changes to boost business investment. Public frustration is often directed more at U.S. policies than at Carney.

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