1993 Canadian federal budget

1993 (1993) Budget of the Canadian Federal Government
Presented 26 April 1993
Parliament 34th
Party Progressive Conservative
Finance minister Don Mazankowski
Deficit $38.5 billion[1]
‹ 1992
1994 ›

The 1993 Canadian budget was a Canadian federal budget for the Government of Canada presented by Minister of Finance Don Mazankowski in the House of Commons of Canada on 26 April 1993.

The budget was poorly received, and described as "stand pat",[2] "do nothing",[3] and a "lame duck".[4] Preceding the budget, Mazankowski had stated that government revenues would decrease compared to 1992 as a result of "slow economic growth, continued high unemployment and low inflation".[5]

The Canadian Bond Rating Service downgraded Canada's federal debt rating from AAA to AA+,[2] and the budgetary deficit for the fiscal year was expected to be $32.6 billion. Mazankowski stated that the rating service had based its decision on "erroneous information".[2]

The value of the Canadian dollar declined with respect to the United States dollar in the foreign exchange market the day after the budget speech,[2] and interest rates "climbed sharply".[3]

Notes

  1. ↑ "Canada's deficits and surpluses, 1963-2014". CBC News. CBC/Radio-Canada. Retrieved 25 April 2015.
  2. 1 2 3 4 McCarthy 1993.
  3. 1 2 Beauchesne 1993.
  4. ↑ The Hamilton Spectator.
  5. ↑ Ferguson 1993.

References

  • Beauchesne, Eric (28 April 1993). "Consumer may pay for federal budget Dollar down, interest rates up". The Hamilton Spectator. Retrieved 2012-11-10.
  • Ferguson, Jonathan (26 April 1993). "Ottawa set to impose tough spending cuts". Toronto Star. Retrieved 2012-11-10.
  • McCarthy, Shawn (28 April 1993). "Ottawa credit rating hit by budget fears". Toronto Star. Retrieved 2012-11-10.
  • "Federal budget A lame-duck effort". The Hamilton Spectator. 27 April 1993. Retrieved 2012-11-10.


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