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Results: 1 - 15 of 28
View James Cumming Profile
CPC (AB)
Thank you, Mr. Chair.
Thank you to all the officials who are here today for the work you put in to create these estimates. In fact, I think I complimented all of you when the minister was here by saying that you're a very talented crew.
Given that we have this very talented crew, can you describe for me as a new parliamentarian how difficult it would be, given the work that's been put into these estimates, to produce either a budget or a budget update?
Darlene Bess
View Darlene Bess Profile
Darlene Bess
2020-06-16 17:09
I think I'll let my colleague Brad Recker comment on that. I think he'd be able to provide some more information on that front.
View James Cumming Profile
CPC (AB)
Sure. Given the work that's been put into these estimates, how difficult would it be for the department to produce either a budget or a financial update so that we have a better understanding of the bigger picture of what's going on?
Bradley Recker
View Bradley Recker Profile
Bradley Recker
2020-06-16 17:10
Producing a budget or an update is a pretty significant amount of effort for the department. It is something, however, that we are able to do and is core to our mandate in general.
View James Cumming Profile
CPC (AB)
In addition to these estimates, the main budget and the supplementary estimates, do you believe that you'd be in a position to create a budget and/or a financial update?
Bradley Recker
View Bradley Recker Profile
Bradley Recker
2020-06-16 17:11
The department can and does produce both budget and fiscal updates annually.
View James Cumming Profile
CPC (AB)
For the last hundred years of Parliament, we've always had one each fiscal year. Is it something that you're currently working on?
Bradley Recker
View Bradley Recker Profile
Bradley Recker
2020-06-16 17:11
The department continually monitors the fiscal situation as it evolves. We're in constant contact with private sector forecasters, think tanks, etc. We are always working to monitor the situation.
In the current environment, there's a very high degree of uncertainty. This is evident in any of the outlooks that have been put out by international agencies and others. To that extent, putting out any sort of detailed fiscal outlook over a longer horizon would be a significantly difficult endeavour at this point.
View James Cumming Profile
CPC (AB)
We have seen other governments do it and have seen provinces do it, so it strikes me as something that could be done.
Bradley Recker
View Bradley Recker Profile
Bradley Recker
2020-06-16 17:12
Several provinces have gone ahead and produced budgets or near-term outlooks, but we do not have a date for an outlook for ourselves at this time.
View James Cumming Profile
CPC (AB)
Thank you, Mr. Chair.
Thank you, Mr. Minister, for appearing again in front of us today.
In my 30-some years in the private sector dealing with uncertain times, and there were many of them, I was always able to produce some kind of a budget or a forecast. In fact, I just found out that Parliament has always received a budget or a forecast in the last 100 years.
Can you tell us today when we can expect an economic forecast or budget?
View Bill Morneau Profile
Lib. (ON)
I completely appreciate and understand the importance of continuing to provide information to Parliament and to Canadians.
The biweekly report that you received in contemplation of this meeting, of course, details all of the measures that we've put forward. We are working to make sure that we keep updating that so that people have a very good understanding of the measures that we've put forward. Of course, we do intend to give a better understanding of our economic base. That will be able to be done as the economy gets more stable and as we get into a better position to make those understandings well known to Canadians.
View James Cumming Profile
CPC (AB)
We're asking businesses to forecast their revenues to be able to apply for programs. We're asking them to deal with their spending and be able to understand how their businesses are operating. You have a very talented crew here who are on this call with you today.
When can that team put together a full forecast or full budget so that people can see exactly where we're going and get some certainty about what's going to happen in the future?
View Bill Morneau Profile
Lib. (ON)
I think the challenge that we're all facing is that we are looking for certainty at a time where it's very difficult to deliver certainty. You will have seen this week that the OECD put out a forecast, but in fact, what it said is that it couldn't give us a forecast so it gave out two separate scenarios.
We're going to continue to deliver for you and for Canadians an understanding of the investments. As the situation is stable enough to provide better and more comprehensive information, we will be coming forward with that information.
View Gabriel Ste-Marie Profile
BQ (QC)
That's fine, thank you.
I have another quick question about the economic update.
We've been asking you questions about this for a month, but you always give us the same answer. However, according to the Bloomberg news agency, a budget update could be in the works for the summer.
Can we expect you to table it on July 8, when we sit in the House?
Also, why inform Bloomberg before you tell the MPs about it?
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