Balance the budget in 2019/20.

What success looks like

Balance the budget over the long-term and continue to reduce the debt-to-GDP ratio.

Government's narrative on progress

In Budget 2019, the government reported to Canadians that it did not forecast a balanced budget in 2019/20, confirming that this commitment will not be pursued within this mandate. Instead, the Government has chosen to move forward with a plan that invests to grow Canada’s economy for the long term, in a fiscally responsible way. Over the last four years, the government has made important fiscal investments to kick-start the economy, support the middle class and address the long-term challenges that were limiting Canada's potential. Budget 2019 continues that approach with new investments to support workers gain skills, strengthen income security of seniors, bolster the health of Canadians and improve housing. Under the government’s economic plan, Canadians have created over 900,000 new jobs – driving the unemployment rate to its lowest levels in more than 40 years. Today, Canada remains among the leaders for economic growth in the G7, and consumer confidence remains elevated. The current fiscal track shows steady improvements in the government's budgetary position along with a continued decline in the federal debt-to-GDP ratio. The budgetary deficit is on track to fall from 0.9% of GDP in 2017-18 to 0.4% of GDP by 2023-24. The government will maintain this downward debt ratio track and preserve Canada's low-debt advantage for current and future generations.

Note: this is the government's own description, not an independent assessment.