The Finance Department released its monthly fiscal update today, offering insight into the federal government's finances for the 2023-24 fiscal year.
The report shows government revenues were up $2.8 billion, or two per cent, which the department says largely reflects higher interest revenues and other non-tax revenues. However, program expenses excluding net actuarial losses were up $7.2 billion, or 5.9 per cent, as expenses rose across the board.
Higher interest rates have also pushed up public debt charges by $3.3 billion, an increase of 29.9 per cent from the previous year.This report by The Canadian Press was first published Sept. 29, 2023.
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