Canadian Prime Minister Mark Carney announced that the federal government will present its annual budget in the fall of 2025, instead of the usual spring date. This announcement came during a press conference he held in Rome following his attendance at the inauguration ceremony of Pope Leo XIV.

Carney explained that the tight timeline available for the new government, which took office last March, makes it impractical to present a comprehensive budget at this time. He noted that the postponed budget will take into account economic and international developments, including the upcoming NATO summit and ongoing economic talks with the United States.

Carney emphasized that the government is focused on improving productivity in the public sector, increasing defense spending, and reassessing trade relations, especially with the United States. He indicated that the upcoming budget will be more comprehensive and effective, aiming to achieve efficiency and fiscal prudence.

For his part, Finance Minister François-Philippe Champagne stated that the government will provide an economic update later this year, focusing on implementing tax cuts for the middle class before July 1, which is a key electoral promise. These cuts are expected to provide up to CAD 800 annually for dual-income families, at a total cost estimated at CAD 22 billion over four years.

These moves come as part of the government's efforts to strike a balance between economic stimulus and fiscal prudence, especially amid global economic challenges and trade tensions with the United States.